Daily Rundown

August 4, 2026

Chart of the Day

Number of the Day

52.8

The ISM employment index in July, the first expansionary reading since September 2023 and the highest since August 2022

Quote of the Day

“No normalcy in sight in the world of metals. It makes me yearn for the coronavirus pandemic chaos, which was more manageable than whatever this is that we are in. At least business is better. However, the components of good business are not.”

Respondent to the July ISM manufacturing survey

Monday’s Highlights

The ISM manufacturing index (July) rose to a four-year high 55.6 from a prior 53.3.

Construction spending (June) fell by 0.1 percent on the month and is now down 3.2 percent YoY.

The Fed’s senior loan officer survey (May-July) showed little change in lending standards.

Quick Commentary

The manufacturing sector has gone from headwind to tailwind this year thanks in large part to the knock-on effects from the AI boom. AI is also supporting construction spending -outlays for data centers rose by 7.0 percent in June and are now up by 45.8 percent year-over-year- but this has not yet been enough to offset the weakness on the residential side. Overall, this remains a mixed economy, although the hints yesterday of a solidifying labor market and stabilizing lending standards suggest some near-term upside risks as the longer-term imbalances continue to build.

Today’s Highlights

Job openings

Factory orders

Trade balance

Daily Trivia

Copper takes its name from what modern-day country, a major producer and exporter of the metal during the Bronze Age?

(Monday’s Question: What state is home to the only three MSAs in the U.S. in which agricultural workers make up more than 10 percent of overall employment? Answer: California (Bakersfield, Salinas, and Visalia))