Chicago PMI: The overall index declined to 52.7 in May, down from 56.2 in April. This was below consensus expectations of 56.1 and indicates slower growth in May. Note: any number above 50 shows expansion. From the Chicago ISM:

The Chicago Purchasing Managers reported the May Chicago Business Barometer decreased for a third consecutive month to its lowest level since September 2009. The short term trend of the Chicago Business Barometer, and all seven Business Activity indexes, declined in May. Among the Business Activity measures, only the Supplier Delivery index expanded faster while Order Backlogs and Inventories contracted.

...

• PRODUCTION and NEW ORDERS lowest since September 2009;

• PRICES PAID lowest since September 2010;

• EMPLOYMENT rate of growth slowed

New orders declined to 52.7 from 57.4, and employment decreased to 57.0 from 58.7.This is another weak reading, and suggests a decline in the ISM PMI to be released tomorrow.