Economic Downturn Continued into Second-Quarter 2019;
Faltering April Freight Volume Presaged Declines in Production and Retail Sales

April Manufacturing Turned Negative Year-to-Year for First Time Since 2015,
When Freight Volume Also Turned Negative, Signaling the Onset of an
Unofficial Double-Dip Recession in Production and Manufacturing

Production and Manufacturing Suffered Heavy Downside Revisions
Along With Unexpected Sharp Declines in April Activity

April Single-Unit Building Permits Signaled an Unexpected Deepening Downturn

April Existing-Home Sales Declined Month-to-Month and Year-to Year

Fourth-Quarter 2018 and First-Quarter 2019 Quarterly Contractions in
Real Retail Sales Held in Place, Along With an Unexpected, Sharp April Decline

Shutdown-Disrupted Retail Sales Data Remain of Suspect Quality

Latest Round of Economic Data Implied Downside Revisions to
First-Quarter 2019 GDP, With an Intensifying Second-Quarter Downturn

Surging Consumer Optimism Tends to Mirror the Tone of the Popular Press

Market Sentiment Should Continue Shifting Towards Renewed Fed Easing