Consumers are continuing to deleverage, (Thrift, Paradox of) with outstanding consumer debt falling for the 5^th straight month, so people are still not spending.

On the brighter side, rail traffic increased in July YoY, though business productivity fell for the first time in 1½ years in the 2^nd quarter. Additionally, this report shows that household income fell.….Not good.

It’s not surprising that the National Federation of Independent Business’s optimism index fell for the 2^nd straight month.

Meanwhile, the June Job Openings and Labor Turnover (Jolts) report showed hiring slowing in June.

Finally, despite record breaking low rates, mortgage were flat this week.