PAYROLLS, CONSTRUCTION SPENDING, TRADE, CONSUMER AND THE FOMC

Even in a Bifurcated Economy, Growth Depends Upon a Financially Healthy Consumer

Yet, FOMC Policies Still Strangle Consumer Liquidity

Signs of a Deepening Contraction in the Monetary Base

New Recession Remains in Play, Still Likely to Force FOMC Easing by September,
Irrespective of Federal Reserve Protestations to the Contrary

Headline Gains in April Payrolls and First-Quarter Gross Domestic Product
Were Not As Strong As They Appeared

GDP Showed Multiple Levels of Contracting Consumer Activity

Advance March Trade Deficit Reconfirmed Collapsing U.S. Goods Consumption,
Not Otherwise Fully Accounted for In the Advance GDP

Amidst Downside Revisions, Total Nominal U.S. Construction Spending Contracted
Year-to-Year and Quarter-to-Quarter; Last Seen Going Into the Great Recession

April Unemployment Rate Declined to a Record-Low 3.58%, Amidst a
Declining Labor Force, Reflecting Mounting Labor-Market Distress

How Can Full-Time Employment Be In Decline With a Booming Economy?

Downside Revisions Likely Follow for First-Quarter GDP Growth