Daily Rundown
September 18, 2026
Chart of the Day
Number of the Day
1.128 million
The annualized pace of housing completions in August, down 11.9 percent on the month and the lowest level since 2018
Quote of the Day
“Seventy-two percent of the firms reported that labor supply was at least a slight constraint to capacity utilization in the current quarter, up from 50 percent when the question was last asked in June.”
From the September Philadelphia Fed manufacturing report
Thursday’s Highlights
Initial unemployment claims (week of 9/6) fell by 10,000 to 196,000, likely impacted by the holiday.
Housing starts (August) declined by 2.6 percent to an annualized 1.3 million
Pending home sales (August) edged up by 0.3 percent, and are now down 4.9 percent year-over-year.
The Philadelphia Fed manufacturing index (September) fell to a still-solid 37.8 from a prior 47.4.
Quick Commentary
It was another day of extremes in the data, as manufacturing continues to boom, layoffs remain low, and the housing market continues to flounder. This remains a highly imbalanced economy, one in which AI-related industries likely warrant tighter policy while housing needs more accommodation. The upshot is that the nascent rate hike cycle is a good bet to proceed cautiously and at a measured pace.
Today’s Highlights
Industrial production
Leading indicators
Daily Trivia
What company’s on-campus gift shop features a large selection of dinosaur-related merchandise, including figurines, snow globes, keychains, bottles, puzzles, and apparel?
(Thursday’s Question: What product launch was met with a protest in downtown Atlanta in May 1985, with one participant carrying a sign reading “Our Children Will Never Know Refreshment”? Answer: New Coke)
What company’s on-campus gift shop features a large selection of dinosaur-related merchandise, including figurines, snow globes, keychains, bottles, puzzles, and apparel?
(Thursday’s Question: What product launch was met with a protest in downtown Atlanta in May 1985, with one participant carrying a sign reading “Our Children Will Never Know Refreshment”? Answer: New Coke)
What company’s on-campus gift shop features a large selection of dinosaur-related merchandise, including figurines, snow globes, keychains, bottles, puzzles, and apparel?
(Thursday’s Question: What product launch was met with a protest in downtown Atlanta in May 1985, with one participant carrying a sign reading “Our Children Will Never Know Refreshment”? Answer: New Coke)