New Delhi, Aug. 25 -- The economic shock of the second covid-19 wave is fading away, well in line with forecasts that it would be short-lived. India's recovery continued in July, led by improving consumption and trade figures. But progress was marginal, slowing down from the swift post-lockdown turnaround of June, shows the latest update to Mint's monthly macro tracker.

The tracker turned a shade greener-as green as it was before the second wave-but red flags remained. As in June, nine of the 16 high-frequency indicators considered in the tracker were in the red, or below their five-year trend, with household-level stress still acute. Six were in the green, or above the five-year trend, while one was in line with it.

Launched in October...