The 40-year average (1972-2012) of US manufacturing capacity utilization - a level the country just cannot seem to get back to five years after the start of the recession. Manufacturing capacity utilization was 75.8 in July, almost three percentage points behind that long-run average. Utilization was over the 78% level for much of the 2005-2007 period, but seemed to hit a ceiling right around that long-run average. Utilization then plunged to a record low of about 63% in June 2009, before a slow but steady climbed to current levels. For much of the 1990s, utilization was in the low 80s percent range, peaking in January, 1995 at 84.6%.

Drop in Walmart’s same store sales in its second fiscal quarter, the retail giant announced last week, as it joined Macy's, Kohl's and other retailers in also lowering expectations for the rest of this year and even into 2014. For example, Walmart dropped previous estimates of 5-6% revenue gains next year to just 2-3%. But what is interesting, many observers are noting, is that consumer spending overall is still strong - consumers are just not buying goods that many mass merchants, department stores and specialty retailers are offering - they are buying cars, goods to improve their homes, and some luxury goods. Some of the troubles at Walmart and other retailers is reflected in continued stagnation in US hourly wages, which Bureau of Labor Statistics last week said dropped 0.2 percent while the average work week shrank by 0.3 percent last month.