Daily Rundown

May 8, 2026

Chart of the Day

Number of the Day

1.2 - The year-over-year percentage change in unit labor costs in the first quarter, down from 2.4 percent in Q4 and the lowest since the third quarter of 2023

Quote of the Day

"What's obviously going on is the macro environment and consumer sentiment. That's not new news, but I think it's fair to say that it's certainly not improving and it may be getting a little bit worse." - McDonald's CEO Chris Kempczinski

Thursday's Highlights

Initial unemployment claims (week of 4/26) rose by 10,000 to 200,000.

Construction spending (March) moved higher by 0.6 percent on the back of a rebound in residential outlays.

Productivity (Q1) increased by 0.8 percent, as output and hours worked both rose modestly.

Consumer credit (March) jumped by $24.9 billion, the most in more than three years.

One-year household inflation expectations (April) ticked up to 3.6 percent from a prior 3.4 percent.

Quick Commentary

The labor market data flow heading into this morning's employment report has been generally encouraging, with jobless claims remaining low, job openings holding steady, and ADP employment turning its biggest increase in more than a year. The pickup in layoff announcements in tech, however, may be an indication that the "low fire" backdrop of recent years is beginning to crack a bit, as well as an early hint of the potential impact of AI on job growth more broadly in the years ahead.

Today's Highlights

Employment

Consumer sentiment

Daily Trivia

In addition to being constituents of the S&P 500, what do Coca-Cola, Tesla, Eli Lilly, American Electric Power, Micron, and The Hartford have in common?

(Thursday's Question: What term was coined in Britain's House of Commons in 1965, nearly a decade before it came into widespread use in the U.S., in a speech criticizing the government's economic policies? Answer: Stagflation)