U.S.:More deceleration in the future.

Several countries are cutting his benchmark rate but the market interprets this adjustments as a bad signal. The risk of a global deceleration is increasing daily and search of assets more secure is pushing down the rates.  Now the Philadelphia Business Outlook adds new fears in the future growth of U.S. and the possibilities for a new round of QE (Quantitative Easing).

The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, increased from a reading of −16.6 in June to −12.9. This marks the third consecutive negative reading for the index (see Chart). Nearly 32 percent of the firms reported declines in activity this month, exceeding the 19 percent that reported increases. Indexes for new orders and shipments remained negative but increased 12 and 8 points, respectively.

In the same direction is the weaker demand of retail sales.

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Advance estimates indicate that adjusted* retail sales declined for the third month in a row. From April to June, retail sales declined at an annual rate of 4.5 percent.
Core retail sales, which excludes gasoline stations, motor vehicle parts & dealers and building materials declined slightly over this same time period, decreasing at an annual rate of 0.7 percent.