Second-Quarter 2019 GDP Revision to 2.04%, from 2.06%,
Was Negligible and Ran Counter to Rapid Deterioration in Underlying Series

Initial 2q2019 Gross Domestic Income Was Estimated at 2.11%, with
Initial Gross National Product at 3.18%

Yet, Manufacturing and Oil and Gas Production Are In Decline, on
Top of Meaningful, Second-Quarter Downside Revisions

Real New Orders Are in Their Worst Contraction Since the Great Recession

Falling Construction Spending Is Worst Since the Great Recession

Downturn in Freight Activity Is Worst Since the Great Recession

Heavy Downside Revisions to Retail Trade Employment
Suggest Some Recent Overstatement of Retail Sales Activity

Continued FOMC Easing Should Intensify Shortly;
Renewed Quantitative Easing Remains a Good Bet