Daily Rundown
November 2, 2026
Chart of the Day
Number of the Day
0.7
The percentage increase in wages and salaries in the third quarter, down from a 0.9 percent pace in Q2 and equaling the smallest rise in six years
Quote of the Day
“It remains clear to me, given the current outlook, that the FOMC needs to implement at least two more 25-basis point rate increases.”
Dallas Fed President Lorie Logan
Friday’s Highlights
The employment cost index (Q3) rose by 0.8 percent, as wage and benefits costs both slowed.
The Chicago PMI (October) fell to 55.3 from a prior 58.8.
Quick Commentary
While inflation remains elevated, the ongoing cooling in wages and overall employment costs strongly suggests that the economy is not overheating and is not in need of aggressive Fed tightening. Slowing wage growth is also a sign that easing job growth is at least partly a function of softening demand, as well as the downturn in labor supply.
Today’s Highlights
ISM manufacturing survey
Construction spending