The story after the lock-downs was the economic rebound all over the world. The activity in services and manufacturing was surging, while the sentiment among investors and the consumers was improving pretty fast. But, that strong rebound came after one of the deepest recession, but also one of the shortest ever. Now the story is the softening of the economic recovery. The Philly FED business outlook showed a cooling off for this month.

Philadelphia Fed Business Outlook for August

• Philadelphia Fed business outlook for August 17.2 vs. 20.8 estimate
• General business activity index 17.2 vs. 24.1 last month
• New orders 19.0 vs. 23.0 last month
• Shipments 9.4 vs. 15.3 last month
• Number of employees 9.0 vs. 20.1 last month
• Average workweek 11.3 vs. 17.2 last month
• Price is paid 15.3 vs. 50.7 last month
• Prices received 12.4 vs. 11.5 last month
• Unfilled orders -0.6 vs. 3.9 last month
• Delivery time 7.3 vs. -6.4 last month
• Inventories -1.9 vs. -11.8 last month