U.S. Economic Activity Was Faltering Before the Pandemic-Driven Collapse

Pre-Pandemic Economic Troubles Were Driven Primarily by
Intensifying Federal Reserve Policy Malfeasance

March 2020 Economic Numbers Took the Initial Hit of the Pandemic Shutdown,
Pulling First-Quarter 2020 GDP into an Annualized 5.0% (-5.0%) Contraction

April 2020 Saw the Worst-Ever Monthly Collapses in Industrial Production,
Nonresidential Construction, Payrolls and Retail Sales

May 2020 Saw Dead-Cat Bounces in Monthly Production and Construction,
Some Bottom-Bouncing in Payrolls and Rebounding Retail Sales; the
Latter Two Series of Questionable Reporting Quality

In Its 18th Straight Month of Annual Decline, the May 2020 Cass Freight Index®
Notched Lower, Closing in on Its Record Trough of the Great Recession

Second Year of Federal Reserve Reporting Delays Look to Exclude Long Overdue,
Pre-Pandemic Downside Revisions to Industrial Production from the July 30th
Second-Quarter 2020 GDP Estimate and Annual Benchmark Revisions

All Considered, Initial Second-Quarter 2020 Real GDP Holds on Track for the
Deepest-Ever Annualized Quarterly Contraction, Down by Roughly 50% (-50%)

Protracted Recovery Likely Will Be L-Shaped, Not V-Shaped