No. 952: GDP, GNP and GDI, Private Labor Surveying, Retail Sales Overhaul

(SGS Subscription required) • Private Labor Surveying Showed Retrenchment in May 2018
• Benchmarked Retail Sales Showed Fundamentally-Weakened Growth
• Contracting Consumer Goods and Housing Elements in the GDP Reflect Mounting Liquidity Stresses, Amidst Faltering Consumer Optimism
• First-Quarter 2018 Gross Domestic Product (GDP) Annualized Real Growth Slowed to a Revised 2.17% (Previously 2.32%), Down from 2.89% in Fourth-Quarter 2017
• First-Quarter 2018 Real Trade Deficit Widened in Revision, Weakening Revised Headline GDP Growth by 0.12% (-0.12%)
• Downwardly-Revised Inventory Growth Weakened Revised GDP by 0.29% (-0.29%)
• Upwardly-Revised Gain in the Nebulous “Intellectual Properties” Category of Fixed Investment Boosted Revised GDP Growth by 0.29%
• Initial Growth in First-Quarter Gross Domestic Income (GDI), Purported GDP-Equivalent, Increased to 2.80% from an Upwardly-Revised 1.05% in Fourth-Quarter 2017
• Initial Growth in Gross National Product (GNP), the Broadest National Income Measure, Dropped to 2.00% from 2.71% in Fourth-Quarter 2017
• Better-Quality Economic Measures Show Continuing Economic Non-Expansion

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