One Cannot Fool Main Street, U.S.A., With Media Hype;
Average Person Has a Stable, Solid Opinion as to How He or She Is Doing

Federal Reserve Has Not Eased Its Tightening Policies, and the
Economy Continues to Turn to the Downside, Sinking Anew

Benchmarked Headline December 2018 U.3 Unemployment Jumped by 0.2%,
Now Rising Since September 2018, with the Benchmarked
Broader U.6 and ShadowStats Unemployment Measures Uptrending

Intense Labor-Market Stress in December Remained Consistent with
Headline Unemployment Near a Record High, Not off a Record Low

An Effective Reporting Fraud by the Bureau of Labor Statistics,
December Payrolls Jumped 312,000, Up by 370,000 Net of November Revisions,
Boosted by Inconsistently Published Seasonal-Adjustment Revisions

FOMC-Driven Consumer Slowdown Signaled Onset of a New Recession, as the
December 2018 Nominal Monetary Base Dropped to a Sixty-Six Month Low

Effects of Ongoing Federal Reserve Tightening Increasingly Have Pummeled
Real Retail Sales, Production and Construction Activity

Government Shutdown Has Squelched Negative Economic News from
Trade Deficits, Retail and Auto Sales, Construction and Real Estate Activity and
Likely, Also, as to a Weakening Fourth-Quarter 2018 GDP

Stock-Market Sell-Off Is Far from Finished

Download the full Commentary as a PDF Document