No. 978 Part I: October CPI and PPI, Retail Sales, Production, New Orders and Freight Activity

(SGS Subscription required) • Fed Begins to Waffle on Interest Rates and Tightening? Watch the Dollar and Gold!
• Broad Systemic Liquidity and Real Earnings Growth Have Been Impaired by Federal Reserve Tightening
• Constrained Consumer Liquidity Has Taken an Increasing Toll on Economic Activity; GDP Final Sales Revised Lower
• Motor Vehicle Sales Are in a Downward Spiral
• Real Retail Sales, New Orders, Manufacturing, Residential Construction and Home Sales All Have Weakened
• Deteriorating Construction-Activity and Residential-Sales Never Have Recovered Pre-Recession Peak Levels
• With No End in Sight, October 2018 U.S. Manufacturing Remained Shy by 4.3% (-4.3%) of Recovering Its December 2007 Pre-Recession Peak
• The 130 Straight Months of Economic Non-Expansion in Manufacturing Is Unlike Anything Ever Seen in the 100-Year History of the Series
• Slowdown in Consumer-Driven Activity Looks Like the Onset of a New Recession
• Unadjusted October 2018 Annual Inflation Bounced Back from Year-Ago Disruptions, but Falling Gasoline Prices Should Offer Some Relief

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