U.S. Economy Remains in an Intensifying Downturn

Despite Headline Unemployment at a 50-Year Low of 3.52%,
Broader Unemployment Measures and Employment Stress Levels
Still Signal Deep Recession

September Payrolls Gained 136,000 (181,000 Net of Revisions),
While Year-to-Year Payroll Growth Held at a Low of 1.4%,
Last Seen Going Into and Coming Out of the Great Recession

August Trade Deficit Widened, With
Negligible Impact on Third-Quarter GDP Outlook

October FOMC Meeting Should See a
50-Basis-Point Rate Cut and Renewed Quantitative Easing

September Money Supply M3 Annual Growth Jumped to a 10-Year High