Factory orders for June came in at an increase of 6.2% much better than expected. This is two months in a row of increases. Also, there are reasons to believe that the spring back from the Covid low in factory orders continued in July though we do not have the numbers yet.
When you add these facts to the earlier reported ISM numbers, it is clear that there is a strong rebound occurring. However, production is still well below pre-Covid. Orders are 10% below from last year at this time.
With some states re-imposing restrictions to go back to work, the economic recovery will slow in the short term. However, it is on track to improve further as we go into the end of the year. As the year progresses, government spending, good news on a vaccine, and a reduction of the spread of the virus will get us back to pre-Covid economic health.