Reporting-Quality Issues Mount With Shutdown Catch-Up Data

Fourth-Quarter 2018 GDP Growth Slowed Sharply, With
Further Downside Adjustments Pending in July 26th Benchmarking

Industrial Production Benchmark Revision Patterns Suggested
Still-Slower Fourth-Quarter and Near-Contraction First-Quarter Activity

Contracting First- and Second-Quarter 2019 GDP Activity Likely Follows

Housing Sector Remains In Deep Recession,
Despite Government-Shutdown Disrupted Headline Numbers

U.S. Economy Continues to Weaken More Sharply and Quickly
Than Widely Acknowledged, Signaling a Formal Recession Triggered by
Overly Aggressive FOMC Tightening and Rate Hikes of the Last Year or So