Daily Rundown

September 3, 2026

Chart of the Day

Number of the Day

1.47

The manufacturing inventory/shipments ratio in July, equaling the lowest since 2019

Quote of the Day

“Consumer-facing contacts in a few districts noted that heightened price sensitivity among customers was putting a limit on their ability to pass through price increases.”

From the Federal Reserve’s Beige Book report

Wednesday’s Highlights

The Beige Book (late July-August) showed a modest increase in economic activity.

ADP’s private payroll estimate (August) rose by 38,000, the smallest gain in seven months.

Factory orders (July) moved higher by 0.9 percent. Core capital goods orders were flat.

Mortgage purchase applications (week of 8/22) rose by 2.2 percent, as rates held steady.

Quick Commentary

Yesterday’s soft ADP numbers jibe with the Beige Book assessment that “employment rose very slightly over all” across the last month and a half. ADP also noted that annual wage growth slipped to 3.2 percent in August, equaling the slowest pace in more than five years in another sign that the demand for labor is cooling along with the supply. Tomorrow’s jobs report will add more color, but the labor market for now still looks to be straddling the line between expansion and contraction.

Today’s Highlights

Unemployment claims

ISM services survey

Productivity

Trade balance

Daily Trivia

What company’s iconic logo, officially named “the Monogram”, is known by employees as “the meatball” for its compact, circular design?

(Wednesday’s Question: What is the most frequently sold item at Walmart, with more than one billion pounds purchased each year? Answer: Bananas)