Fourth-Quarter 2020 Annualized Real GDP Growth of 4.0% Was as Expected,
Slowing from the Record 33.4% Third-Quarter Pandemic Rebound

Full-Year 2020 Annual GDP Decline of 3.5% (-3.5%) Was the Deepest
Since the 1946 Post-World War II Economic Reset

Current U.S. Economy Remains Far from a Full Recovery

First-Quarter 2021 GDP Increasingly Is Set for a Relapsing Quarterly Contraction

Deepening Deficits in Fourth-Quarter and Annual 2020 Real Net-Exports (GDP) and the
Related Real Merchandise Trade Deficit Were the Worst Ever in Modern U.S. Reporting

Real Annual Growth in New Orders for Durable Goods Turned Negative,
Amidst Renewed Slowing in Commercial Aircraft Orders

Full-Year 2020 Existing- and New-Home Sales Were Highest Since 2006

Yet, Fourth-Quarter 2020 New-Home Sales Contracted, as Did Real Retail Sales,
Suggestive of Consumers Facing Intensifying Pandemic and Liquidity Issues

Financial Market Turmoil Is Just Beginning

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