An Unfolding, Deepening Recession

Upside Revision to Third-Quarter Gross Domestic Product, from 1.9% to 2.1%,
Reflected No More Than an Involuntary Build-Up in Unsold Inventories

Net of Inventory Change, Third-Quarter Final Sales Declined Minimally

Second-Quarter Gross Domestic Income, Theoretical GDP Equivalent,
Revised Down to 0.9% from 1.8% Annualized Real Growth

October 2019 Real New Orders for Durable Goods, Ex-Commercial Aircraft,
Continued to Plunge, Despite Major Downside Revisions to Prior Months

October CASS Freight Index Dropped Year-to-Year for the 11th Straight Month;
Indicating a Deepening Downturn and Risks of a Fourth-Quarter GDP Contraction

With the FOMC-Proclaimed Sustainable Moderate Expansion Evaporating,
Expectations Should Shift in Favor of a More-Accommodative Fed

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