No. 972: September Labor Numbers and Money Supply, August Trade Deficit, Construction Spending

(SGS Subscription required) • Second-Half 2018 Economic Growth Prospects Continue to Weaken, With Tightening Systemic Liquidity and a Deepening Trade Deficit
• Annual M3 Growth Sank to a 13-Month Low in September 2018, with the Level of the Monetary Base on the Brink of Breaking to a Five-Year Low
• Unemployment Dropped to 3.7%, with Employed Jumping by 420,000, While Payroll Growth Slowed to 134,000 from an Upwardly Revised 270,000; Hurricane Distortions Likely Depressed Both the Unemployment Rate and the Jobs Gain Number, Given Bureau of Labor Statistics Definitional Inconsistencies
• September U.3 Unemployment Dropped to a Record Lower 3.68%, from 3.85%; Yet, Broader U.6 Unemployment Rose to 7.45% from 7.39%. On Top of U.6, ShadowStats-Alternate Unemployment Rose to 21.3% from 21.2%
• Intense Labor-Market Stresses Remained Consistent with Headline Unemployment Near a Record High, Not at a Record Low
• Total August Real Construction Spending, Residential and Nonresidential, Fell for the Third Straight Month; Private Spending Down, Government Spending Up

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