This was a touch weaker than expected.  Last month the index rebounded from -22 which was the lowest reading for the index.  Prices paid rises but do not have the pricing power to pass on to the consumers as the prices received declined.  Shipments were down sharply.  Below are the key components.

                                     May   April
                                  2008   2008
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General Business     
  Conditions                    -3.23   0.63
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Prices Paid                     69.57  57.29
Prices Received              15.22  20.83
New Orders                   -0.46   0.06
Shipments                      4.55  17.49
Delivery Time                 0.00  -3.13
Inventories                    -6.52  -4.17
Unfilled Orders               -4.35  -6.25
Number of Employees      1.09   0.00