Daily Rundown

July 7, 2026

Chart of the Day

Number of the Day

51.2 - The ISM services employment index in June, the first expansionary reading in four months

Quote of the Day

"These readings, taken with respondent commentary, seem to indicate that supply chains are stabilizing amid sustained business activity, giving confidence to businesses that selective, yet modest, increased employment is warranted." - From the June ISM services report

Monday's Highlight

The ISM services index (June) edged lower to 54.0 from a prior 54.5. The business activity and new orders indices were both comfortably in expansion territory while the prices paid index fell by 3.6 points.

Quick Commentary

The ISM services numbers were broadly healthy, although the prices paid index continues to be elevated (67.7) and there is still a significant number of commodities reported to be rising in price (28, down from 31 in the prior month). The inflation metrics are moving in the right direction, however, as was also reflected in the supplier delivery index hitting a four-month low in June. This is shaping up to be a slow normalization in price pressures after the spike earlier this year, one that should eventually mean a less hawkish posture from the Fed, as well.

Today's Highlights

Trade balance

Household expectations

Daily Trivia

Since World War II, what is the only decade in which the consumer price index has risen by less than 2.0 percent annualized?

(Monday's Question: What country's longtime currency, which was replaced at the outset of this year, translates to "lion", the name chosen in the late 19th century as an expression of strength and independence from Ottoman rule? Answer: Bulgaria (lev))