The obvious lede here is the fact that the Fed has released its Summary of Commentary on Current Economic Conditions, better known as the Beige Book, which was not good, weakening slightly from June’s Beige Book, but it is not downright awful.
This is the already anemic stimulus, and a mild restoration of inventories running out of steam.
If you want some more detail, you can look at the Dallas, Richmond Fed Manufacturing surveys have shown a sluggish economy, and the Chicago Fed National Activity Index has fallen.
We are also seeing that consumer confidence fell to a 6 month low in June.
Additionally real estate is really pretty pathetic, with the number of renters skyrocketing as the home ownership rate has hit an 11 year low, so much for the Bush/Greenspan real estate wealth.
Note that home sales did rise sharply in June, over an expiration-of-the-tax-credit crippled May, but it still was the worst June ever recorded.
Mortgage news was mixed though, with mortgage applications falling slightly, though the number of applications for home purchases rose slightly.
Finally, durable goods orders fell for the 2nd straight month in June.