No, 969-A: August Labor Numbers and Money Supply M3, July Trade Deficit and Construction Spending

(SGS Subscription required) • Federal Reserve Liquidity Squeeze Has Intensified Sharply, Threatening to Smother Any Nascent Economic Recovery
• Annual Real Money Supply Growth Has Slowed Anew, Annual Nominal Monetary Growth Base Is Plummeting
• August 2018 Private Labor-Market Surveying Showed Weakening Activity
• August Household-Survey Employed Dropped by 423,000 (-423,000), with Full-Time Employed Down by 444,000 (-440,000)
• Headline August Payroll Gain of 201,000 Was 151,000, Net of Revisions
• August U.3 Unemployment Edged Lower to 3.85%, from 3.87% in July; Broader U.6 Unemployment Fell to 7.39% from 7.54%. On Top of U.6, ShadowStats-Alternate Unemployment Declined to 21.2% from 21.3%
• Labor-Market Stresses Increased Sharply, Consistent with Headline Unemployment Closer to a Record High than Just Off a Record Low
• July Nominal Balance-of-Payments and Real-Merchandise Trade Deficits Deteriorated Sharply, Likely to Reverse Trade Boosts to Second-Quarter GDP
• July Real Construction Spending Continued Dropping Month-to-Month, Slowing Year-to-Year, Holding Shy of Its Pre-Recession Peak by 20.5% (-20.5%)

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