by Calculated Risk on 6/03/2009 11:01:00 AM

This was released earlier this morning ...

From the ISM: May 2009 Non-Manufacturing ISM Report On Business®

The NMI (Non-Manufacturing Index) registered 44 percent in May, 0.3 percentage point higher than the 43.7 percent registered in April, indicating contraction in the non-manufacturing sector for the eighth consecutive month, but at a slightly slower rate. The Non-Manufacturing Business Activity Index decreased 2.8 percentage points to 42.4 percent. The New Orders Index decreased 2.6 percentage points to 44.4 percent, and the Employment Index increased 2 percentage points to 39 percent. The Prices Index increased 6.9 percentage points to 46.9 percent in May, indicating a slower decrease in prices from April.
...
Some respondents indicate that there are signs of stabilization, while others continue to have a negative outlook on the economy.

Still contracting, but at a slower pace.