Daily Rundown

January 8, 2026

Chart of the Day

Number of the Day

3.2 - Hirings in November as a share of total employment, down from 3.4 percent in the prior month and equaling the lowest rate since the recession in 2020

Quote of the Day

"Annual pricing markups from key service and data providers are higher than they've been for many years," - Respondent to the December ISM services survey

Wednesday's Highlights

The ISM services index (December) rose by 1.8 points to a 14-month high 54.4. New orders grew strongly while employment expanded for the first time since May.

Job openings (November) fell by 303,000 to a 14-month low 7.1 million. Hirings moved lower while quits were up.

ADP's private employment estimate (December) rose by 41,000 to close out a lackluster year. Health care and leisure led the way, while business services, information, and factory jobs were lower.

Factory orders (October) fell by 1.3 percent overall and 0.2 percent excluding transportation. Core capital goods orders continued to grow solidly, however, up by 0.5 percent.

Mortgage purchase applications (week of 12/27) fell by 6.2 percent for a fifth straight decline. Fixed 30-year mortgage rates fell to their lowest level in more than a year.

Quick Commentary

The labor market news was all over the map yesterday, as the ISM employment index came in on the strong side, job openings were weak, and the ADP employment report was largely in line with the prevailing flatlining trend. Tomorrow's jobs report will provide additional color, but the data flow for now suggests that the labor market ended the year on the brink of contraction and that the risks, even amid some lingering resilience, remain tilted to the downside.

Today's Highlights

Initial unemployment claims

Trade balance

Productivity

Consumer credit

Daily Trivia

What home, which was most recently sold in 1957 for $102,500, is the most visited private residence in the U.S.?

(Tuesday's Question: 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? Answer: Moderna)