From the Desk - Economic Commentary
Scott Goedken, Institutional Strategies Director - 9/18/2026
U.S. equity markets are lower this morning, giving back a portion of yesterday's gains. Treasury yields are higher across the curve.
The Federal Reserve reported today that industrial production was unchanged in August following a 0.2% increase in July. Consensus expectations called for a 0.3% increase. Manufacturing output declined 0.3% during the month, down from a 0.2% increase in July and below expectations for a 0.3% gain. Capacity utilization was unchanged at 76.3% in August.
The Conference Board's Leading Economic Index declined 0.1% in August following a 0.2% increase in July and fell short of expectations for a 0.1% increase. The index declined 0.1% over the six-month period from February through August, an improvement from the 0.6% decline recorded during the previous six months. According to the Conference Board, the U.S. economy continues to expand, although growth is expected to slow. The organization forecasts real GDP growth of 1.9% in 2026 and recently lowered its 2027 growth forecast to 1.8% from 1.9%.
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