Daily Rundown

March 5, 2026

Chart of the Day

Number of the Day

58.6 - The ISM services new orders index in February, a ninth straight expansionary reading and the highest level in 17 months

Quote of the Day

"Although consumer spending increased slightly on balance, two districts reported ongoing declines, and many noted that sales were dampened by economic uncertainty, increased price sensitivity, and lower-income consumers pulling back on spending." - From the Federal Reserve's Beige Book

Wednesday's Highlights

The Beige Book (January-February) indicated "slight to moderate" expansion in seven of the twelve Federal Reserve districts. Activity was either flat or in decline in the other five districts.

The ISM services index (February) rose to a 43-month high 56.1 from a prior 53.8. Business activity, new orders, and employment were all improved.

ADP private payrolls (February) moved higher by 63,000, as health care/education jobs were up by 58,000. Business services and manufacturing employment both declined.

Mortgage purchase applications (week of 2/21) increased by 6.1 percent, the first rise in six weeks. The average 30-year fixed rate was unchanged at 6.1 percent.

Quick Commentary

While the ISM services report is another signpost of a pickup in activity in the early stages of 2026, the tepid ADP numbers and the mixed tone in the Beige Book suggest that the upturn is still highly uneven. Moreover, the near-term upside risks stemming from fiscal stimulus and booming capital investment will at least be tempered for the time being with the war introducing another layer of uncertainty.

Today's Highlights

Initial unemployment claims

Productivity

Import prices

Daily Trivia

By market cap, what is the largest company in the U.S. that is named for a currently living person?

(Wednesday's Question: What bestselling car's name was given to it by the general public, with the parent company not officially adopting it until three decades after its introduction? Answer: Volkswagen Beetle)