Daily Rundown
September 21, 2026
Chart of the Day
Number of the Day
100.0
The index of coincident economic indicators’ diffusion metric in August, the first perfect reading since December 2024
Quote of the Day
“The Fed has work to do on inflation and this week’s action was a step in that direction.”
Kansas City Fed President Jeffrey Schmid
Friday’s Highlights
Industrial production (August) was unchanged, as factory output fell for the first time this year.
The index of leading economic indicators (August) fell 0.1 percent, the first drop in five months.
Quick Commentary
The pullback in industrial production in August came as, not coincidentally, tech output moved lower for the first time in eight months. This is very likely represents only a pause after the breakneck growth of the last several months, but it highlights just how much of a linchpin that AI-related spending is to the factory sector in particular and the economy more generally. It remains highly unlikely that the expansion will survive once the investment boom inevitably enters into a more sustained slowdown.
Daily Trivia
What economic indicator did the U.S. government begin phasing out in 1991, joining other countries in focusing instead on measuring output within the country’s borders?
(Friday’s Question: What company’s on-campus gift shop features a large selection of dinosaur-related merchandise, including figurines, snow globes, keychains, bottles, puzzles, and apparel? Answer: Alphabet (for Google’s offline T-Rex game))