Disappointing back-to-school sales and decreases in stock futures indicate economic recovery may be slower than expected through August.

Today the Associated Press reported Dow Jones Industrial futures fell 48 points on Wednesday. The Standard & Poors 500 Index lost six points, heading for its first weekly loss in seven weeks. Nasdaq composite futures dropped 11 points.

The futures dip accompanies reports that many retailers did not meet expected gains for July. According to Thomson Reuters, eleven major retailers that still release monthly sales figures for stores open at least a year reported a combined 3.9 percent gain, missing the 4.4 percent increase analysts expected.

J.C. Penny’s stock fell 7 percent to $12.75 per share. Popular apparel company Aeropostale reported that traffic trends were weak, despite higher promotions. American Eagle Outfitters also expressed pressure to cut prices and reported a seven percent drop in quarterly same-store sales. Despite claims that our economy is in recovery, and a slight boost in retail sales due to promotions, the numbers show shoppers are still reluctant to spend even during big retail seasons like back-to-school.

Furthermore, Reuters reported that U.S. employers slowed their pace of hiring outside of the farming sector. AP also reported at 10 a.m. that U.S. wholesalers cut their stockpiles for the third month in a row. This indicates they’re doubtful about future demand.

“It’s consistent with what we’ve been seeing from economic data,” Barbara Khan, a professor at the Wharton School of Business, told Rueters. “The recovery is sluggish.”

While these numbers show a bit of a slump heading into August, it could be setting the stage for stronger economic growth going into the fall.