Daily Rundown

July 17, 2026

Chart of the Day

Number of the Day

18

The yearly percentage change in nonstore retail sales in June, the fastest pace since April 2021

Quote of the Day

“I currently believe modestly higher interest rates would better balance the outlook and risks.”

Dallas Fed President Lorie Logan

Thursday’s Highlights

Initial unemployment claims (week of 7/5) fell by 8,000 to a two-month low 208,000.

Retail sales (June) rose by 0.2 percent overall and 0.5 percent in the core control group.

The home builder sentiment index (July) fell to 34.0, equaling the lowest level in ten months.

The Philadelphia Fed manufacturing index (July) jumped to a 63-month high 41.4 from a prior 10.3.

Pending home sales (June) fell by 5.4 percent to their lowest level in five months.

Quick Commentary

Consumer spending continues to advance at a healthy clip, although the solid core retail sales numbers yesterday were skewed a bit to the upside by the Amazon Prime Day shift into June. Consumption more generally continues to be supported by a lack of significant layoff activity, as jobless claims are back on the decline again after edging upward in the late spring. Is this backdrop enough to force a tightening move from the Fed? A rate hike in the months ahead is clearly a risk given the hawkish tone adopted by several FOMC members of late, but it is still far from a clear-cut case with inflation beginning to cool and the already dormant housing market showing signs of slipping further.

Today’s Highlights

Housing starts

Industrial production

Consumer sentiment

Import prices

Daily Trivia

What 1970 hit single, which also charted in 1995 and 2002, was inspired by a stay at the Royal Hawaiian Hotel?

(Thursday’s Question: Which CEO famously showed up to a meeting with a venture capital firm in his pajamas, delivering a presentation entitled “Why You Should Not Invest”? Answer: Mark Zuckerberg)