The Richmond Fed Business Activity Survey was concerning. The data points that stood out to me in this particular survey were:
1) The volume of new orders (diffusion index going moved from -1 in May, to -7 in June, and now to -25 in July).
2) Capacity utilization declined
3) The number of employees and the average work week were both down meaningfully from earlier in the year. (While both diffusion indexes were positive as recently as May 2012, the diffusion index for number of employees is now flat stagnant and the number work week length index is now now negative).
4) Future expectations also have declined across all of these categories.
For this one data set, the trend is down.