Daily Rundown

June 2, 2026

Chart of the Day

Number of the Day

32 - Consecutive months in which the ISM manufacturing employment index has been in contraction, the longest such streak since 2000-03

Quote of the Day

"The Middle East conflict is triggering shipment delays and uncertainties. Elevated gas prices and inflation will surely impact our purchases. However, over the last quarter, we've seen increased demand that was unexpected." - Respondent to the May ISM manufacturing survey

Monday's Highlights

The ISM manufacturing index (May) rose to a four-year high 54.0 from a prior 52.7. New orders and production remained solidly in expansion territory.

Construction spending (April) moved higher by 0.4 percent and is now up by 0.9 percent year-over-year. 

Quick Commentary

The ISM report showed that the factory sector continues to benefit from the broader pickup in economic activity this year even as price pressures continue to build. And while the ISM's price paid index (82.1) and the number of commodities reported to be up in price (43) are within striking distance of their pandemic-era peaks (92.1 and 56, respectively), the number of commodities reported to be in short supply remains well below its 2021 high-water mark. The upshot is that the scope for an inflationary episode along the lines of that in the early 2020s is still extremely limited, especially given the less accommodative stances of monetary and fiscal policy. That said, price pressures have been persistent enough to dampen the ongoing economic revival, which was already a good bet to cool in the months ahead as the stimulus effects from last year's tax bill fade. 

Today's Highlight

Job openings

Daily Trivia

What term made famous by Alan Greenspan was inspired by a Robert Shiller presentation on stock market valuations in 1996?

(Monday's Question: What country went through five presidents in less than two weeks in late 2001 and early 2002, en route to a then-record sovereign default of more than $80 billion? Answer: Argentina)