Daily Rundown

January 9, 2026

Chart of the Day

Number of the Day

$29.4 billion - The U.S. trade deficit in October, down from $48.1 billion in the prior month and the lowest since June 2009

Quote of the Day

"I'm looking for about a point and a half of cuts (in 2026). A lot of that is driven by my view of inflation." - Federal Reserve Governor Stephen Miran

Thursday's Highlights

Initial unemployment claims (week of 12/27) rose by 8,000 to 208,000.

The trade deficit (October) narrowed to $29.4 billion from a prior $48.1 billion. Exports were up by 2.6 percent while imports fell 3.2 percent.

Productivity (Q3) jumped by 4.9 percent, the largest increase in two years, while unit labor costs fell 1.9 percent.

Consumer credit (November) moved higher by a modest $4.2 billion, as revolving debt declined by $2.0 billion.

Quick Commentary

The low level of jobless claims has done little to boost either labor market sentiment or confidence in household finances, both of which are on the decline in response to slowing job growth. Most of the data on hand suggests that consumers are still spending, but the ongoing contraction in imports should be taken as a hint that it might not take much more weakness in employment to put a dent in the prevailing trend.

Today's Highlights

Employment

Housing starts

Consumer sentiment

Flow of funds

Daily Trivia

What competitors are the only two companies in the U.S. with more than a million employees?

(Thursday's Question: What home, which was most recently sold in 1957 for $102,500, is the most visited private residence in the U.S.? Answer: Graceland)