חַנּוּן וְרַחוּם ייְ
chaNOON v'rahCHOOM HaShem
gracious and merciful (is) HaShem
The first word's root, or shoresh is חן, chen and means "gracious" or "merciful". The second word is preceeded with vav, which means "and" and the shoresh there is רחם, meaning "compassion, mercy, sympathy, tenderness, pity" but is also related to the word for "womb", reflecting the innocent state of protection that the unborn are to experience in the eyes of HaShem.
The four letter name for G-d: yod-hey-vav-hey, I have chosen to transliterate into HaShem, השם, which literally means "The Name". The verb "is" must be supplied in the English, because there is no present tense "to be" in Hebrew.
The first part of the eighth verse: Gracious and merciful is HaShem. Next time, we will complete this verse.