ET’s reporting on key sectors shows that, with a few exceptions, demand this month has been lower or barely higher than in June. Some macro data are small positives. There’s some good news in a section of the job market. But from retail to real estate, autos to cement, ride-hailing to electricity consumption, the narrative is either a small rise or a decline. Industry says that short of a big demand bump, FY21 outlook doesn’t look promising.