Daily Rundown

January 6, 2026

Chart of the Day

Number of the Day

2 - Number of manufacturing industries, out of 18, reported to be in expansion in December, down from four in the prior month and the fewest in two years

Quote of the Day

"For every comment on hiring, there were three on reducing headcounts. Companies continued to focus on accelerating staff reductions due to uncertain near to mid-term demand. The main headcount management strategies remain layoffs and not filling open positions." - ISM manufacturing survey committee chair Susan Spence

Monday's Highlight

The ISM manufacturing index (December) slipped by 0.3 points to a 14-month low 47.9. Production grew modestly while new orders and employment remained in contraction.

Quick Commentary

The factory economy is still in the doldrums and, as such, remains a risk factor for the broader expansion in general and the labor market in particular. Manufacturing employment fell by 63,000 in the first 11 months of 2025, a relatively modest decline considering the long-term trend (factory payrolls have fallen by nearly seven million since peaking in 1979). Should demand remain soft in the year ahead, it is a safe bet that the job losses will accelerate.

Daily Trivia

What stock, which outpaced every current S&P 500 member in the bear market in 2020, has been the worst index performer in the current bull market?

(Monday's Question: What company's new name was derided as "Scrabble-like" and "science-fictional" after trademark issues forced a rebranding in the early 1970s? Answer: Exxon)