A Second Straight, Negative Holiday-Shopping Season, as the Revised
Fourth-Quarter Real Retail Sales Contraction Deepened to 0.6% (-0.6%), the
First Quarterly Downturn Since the 2014 to 2016 Mini-Recession

January 2020 Real Retail Sales gained 0.1% in the Month, but
Declined by 0.1% (-0.1%), Net of Revisions, Amidst Slowing Annual Growth

Downside Historical Revisions to Retail Sales Should Surface in the
Just-Scheduled April 27th Annual Benchmarking (See Flash Update No. 21)

Collapsing off Peak Levels, Industrial Production Capacity Utilization Timed the
Great Recession Onset of December 2007, the 2014-2016 Mini-Recession Onset of
December 2014, and November 2018 Onset of the Currently Unfolding Recession

January 2020 Mining Activity Rose, but Weaker Manufacturing and
Irregularly, Weather-Depressed Utilities, Knocked Aggregate
Production Lower by 0.3% (-0.3%) in the Month

Downside Historical Revisions to Manufacturing (Industrial Production)
Loom in Annual Benchmarkings Scheduled for This Summer

On the Upswing for Four Straight Months, January 2020
Unadjusted Year-to-Year Consumer Price Inflation (CPI-U)
Jumped to a 15-Month High of 2.5%, from 2.3% in December 2019

Subject to Revised Seasonally Adjusted CPI and Payroll Revisions, Related
January 2020 Year-to-Year Real Earnings Held Flat for All Non-Farm Employees