The Triumph and Erosion of Exceptionalism

Published on September 18, 2025

In our last discussion, we spent some time reviewing the use of tariffs in the 19th century. Since contemporary discussions of tariffs usually begin and end with the Smoot-Hawley Tariff Act of 1930, there is a tendency to view tariffs myopically through the lens of the Great Depression.

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Unemployment Insurance Weekly Claims Report

September 18, 2025
In the week ending September 13, the advance figure for seasonally adjusted initial claims was 231,000, a decrease of 33,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 263,000 to 264,000. The 4-week moving average was 240,000, a decrease of 750 from the previous week's revised average. The previous week's average was revised up by 250 from 240,50

Housing Starts Fall 8.5% in August, More Than Expected

September 18, 2025
Housing starts fell 8.5% in August to a seasonally adjusted annual rate of 1.307 million, the largest decline in five months.