This week's set of indicators didn't cause economists to change their views on current conditions. Some analysts worried that the productivity gains of the past few years would be revised away, but they weren't. Inflation news remains favorable even after taking into account the volatile energy component. The Fed's Beige Book revealed anecdotal evidence that the economy remained mired in a weak growth path.

Market players are factoring in another easing move by the Fed in the form of a 25 basis point rate cut. The next FOMC meeting takes place on August 21.