Daily Rundown

August 6, 2026

Chart of the Day

Number of the Day

47.4

The ISM services employment index in July, down from 51.2 in June for a fourth contractionary reading in the last five months

Quote of the Day

“If I do not see signs of continued disinflation soon, I am prepared to act.”

Federal Reserve Governor Lisa Cook

Wednesday’s Highlights

The ISM services index (July) ticked up to 54.1 from a prior 54.0.

ADP’s private payroll estimate (July) rose by 44,000, led by education/health services.

Mortgage purchase applications (week of 7/26) fell by 3.6 percent for a second straight week.

Quick Commentary

Manufacturing and services employment moved in opposite directions in the ISM surveys in July, with the former swinging from contraction to expansion and the latter fading from expansion back into decline. This still looks to be a middling labor market overall, one that is not quite as weak as in the low points of 2025 but also not building much on the momentum of earlier this year. Business activity at the same time remains solid, suggesting that the underlying productivity trend is still on the rise despite the softer reported numbers of the last few quarters.

Today’s Highlights

Unemployment claims

Productivity

Daily Trivia

What high-flying company of the 1980s and 1990s was named for the campus-wide computer network at Stanford University?

(Wednesday’s Question: What popular product failed in its initial incarnation as “Press ‘n’ Peel”, a sticky bookmark page holder? Answer: Post-it notes)