Daily Rundown
October 1, 2026
Chart of the Day
Number of the Day
4.1
The personal saving rate in August, down from 4.6 percent in the prior month and the lowest since November 2022
Quote of the Day
“In terms of 2027 and 2028,...we are seeing stronger demand drivers than we’ve seen before.”
Micron President Manish Bhatia
Wednesday’s Highlights
Real disposable income (August) was unchanged.
Real personal spending (August) jumped by 0.6 percent, the strongest increase in 17 months.
The PCE price index (August) rose by 0.3 percent on the month and 3.4 percent year-over-year.
The core PCE price index (August) rose by 0.2 percent on the month and 3.0 percent year-over-year.
Real GDP (Q2) was revised up to show an increase of 2.2 percent. Capex jumped 9.0 percent.
ADP’s private employment estimate (September) rose by 90,000, led by health care/education.
Mortgage purchase applications (week of 9/19) fell 4.3 percent, as rates continued to climb.
Micron revenue (June-August) soared by 379.3 percent year-over-year.
Quick Commentary
While the modest increase in the core PCE price index in August was encouraging, a continued slow decline in underlying inflationary pressures is unlikely enough on its own to forestall another Fed rate hike before the end of the year. Policymakers are likely still concerned by the elevated pace of headline inflation, as well as the robust AI economy and its potential near-term impact on tech pricing more generally (note Micron’s comments yesterday pointing to further significant price increases for its products in 2027). In addition, the falling personal saving rate hints at much more aggressive consumer behavior than suggested by the recent sentiment statistics. The overall economy is still far from booming (real GDP is now up by 2.2 percent year-over-year), but it is healthy enough, at least in certain segments, to keep core inflation rate from returning to the 2.0 percent target as rapidly as some Fed officials would like.
Today’s Highlights
Unemployment claims
ISM manufacturing survey
Construction spending
Daily Trivia
What S&P 500 company is named for both a city in which in no longer does business and a property that no longer exists?
(Wednesday’s Question: What tech mascot was inspired by a Finnish software engineer’s trip to the National Zoo and Aquarium in Canberra in the early 1990s? Answer: Tux the Penguin (Linux))
What S&P 500 company is named for both a city in which in no longer does business and a property that no longer exists?
(Wednesday’s Question: What tech mascot was inspired by a Finnish software engineer’s trip to the National Zoo and Aquarium in Canberra in the early 1990s? Answer: Tux the Penguin (Linux))
What S&P 500 company is named for both a city in which in no longer does business and a property that no longer exists?
(Wednesday’s Question: What tech mascot was inspired by a Finnish software engineer’s trip to the National Zoo and Aquarium in Canberra in the early 1990s? Answer: Tux the Penguin (Linux))