[It is of] Yahweh's loving kindnesses that we are not consumed, because his compassion doesn't fail.
“Renewed” refers to “mercies,” i.e., blessings, the fruit of mercy; and God’s mercies have no end, because his compassion’s ever continue. “In the morning,” that is, after a night of affliction. If the rendering be made literal, “in the mornings,” the meaning is the same; they follow the previous nights of trouble. Blessings, being as it were suspended or withheld during the night, are again renewed in the morning. — Ed. 