Without ongoing supply chain disruptions activity could have expanded faster but fears new coronavirus strains may lead to renewed restrictions continued to put a dent in optimism
But minutes from the Federal Reserve's July meeting showed that policymakers in the United States felt the employment benchmark for decreasing support for the economy could be reached this year
Data showed China's factory output and retail sales growth slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted business operations
There was the prospect of more fiscal stimulus ahead as US senators worked to finalise a sweeping $1 trillion infrastructure plan that could pass this week
The Bank for International Settlements, for instance, on Tuesday said that higher consumer prices in Europe and the US "will most likely be temporary".