No. 930-A: December Labor, Private Surveying and M3, November Trade Deficit and Construction Spending

(SGS Subscription required) • Annual Household Survey Revisions Were Negligible for Headline U.3, but Not as Placid for Broader Unemployment and Other Measures
• December 2017 Unemployment Rates Were Mixed Month-to-Month: U.3 Eased to 4.07% from 4.12%, U.6 Rose to 8.08% from 7.99%, and the ShadowStats-Alternate Held at 21.7%
• Low-Level Annual Payroll Growth Continued to Signal a New Recession • Private Surveying of December Labor Conditions Showed Monthly Gains, but with Annual Contraction/No Growth and Ongoing Non-Expansion
• Trade Deficit Widened Month-to-Month and Year-to-Year with the Fourth-Quarter 2017 Real Merchandise Trade Deficit Still on Solid Track for Worst Showing Since First-Quarter 2007
• Despite a November Gain on Top of Upside Revisions, Real Construction Spending Continued in Annual Decline, as Last Seen During the 2006 Housing Collapse, Still Shy of Recovering Its Pre-Recession Peak by 21.4% (-21.4%)
• December 2017 M3 Annual Growth Jumped Back to a Two-Year High of 4.8%, as Monetary-Base Annual Growth Jumped to a Three-Year High of 9.3%

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