Daily Rundown

April 17, 2026

Chart of the Day

Number of the Day

33.0 - The Philadelphia Fed's manufacturing new orders index in April, up from 8.0 in the prior month and the highest since late 2021

Quote of the Day

"Given all the different things that keep changing day to day, week to week, it doesn't make sense for us to try to be giving strong forward guidance." - New York Fed President John Williams

Thursday's Highlights

Initial unemployment claims (week of 4/5) fell by 11,000 to 207,000.

Industrial production (March) fell by 0.5 percent, as utilities output moved lower by 2.3 percent. Factory production slipped 0.1 percent.

The Philadelphia Fed manufacturing index (April) rose to a 15-month high 26.7 from a prior 18.1.

Quick Commentary

The manufacturing recovery is playing out unevenly, as reflected in the wide range of capacity utilization levels last month. While utilization stood at 89.4 percent for oil and coal and 87.7 percent for electrical equipment, it was just 67.1 percent for metals and 64.9 percent for motor vehicles (traditionally, an 82.0 percent capacity utilization level was considered the dividing line between an inflationary and a deflationary backdrop). The factory sector has undeniably found firmer footing this year, but it is still far from a source of broader price pressures.

Daily Trivia

What is the world's most popular cruise destination thanks to its location near major origination ports and its mix of city and beach attractions?

(Thursday's Question: What legendary phenomenon can be traced to the botanist Carolus Clusius planting a garden at Leiden University in 1594? Answer: Tulip mania)