Overview:  The economy added 54,000 payroll jobs in May as the unemployment rate rose to 9.1%.  The ISM index fell 6.9 points to 53.5 in May as the ISM services index rose 1.8 points to 54.6.  Factory orders were down 1.2% in April.  The S&P/Case-Shiller home price index edged down 0.2% in March.  Construction spending was up 0.4% in April.  Auto sales plummeted 10% in May.  Productivity grew at an annual rate of 1.8% in the 1^st quarter of 2011.  Initial jobless claims fell by 6,000 to a level of 422,000 for the week ended 5/28.

• Payroll employment rose by a significantly lower-than-expected 54,000 jobs in May as the unemployment rate rose to 9.1%.  Job gains fell short of the 130,000-150,000 needed each month to keep pace with population growth.
• The ISM index declined sharply, by 6.9 points to a level of 53.5 in May.    
• The ISM services index rose 1.8 points to 54.6 in May.
• Factory orders fell 1.2% in April.
• The S&P/Case-Shiller home price index edged down 0.2% in March and was down 3.5% from a year ago.
• Construction spending edged up 0.4% in April.
• Auto sales plummeted 10% in May to a seasonally-adjusted annual rate of 11.8 million units.
• Productivity grew at a 1.8% rate in the first quarter of 2011.  This marks a slight upward revision from the previously reported 1.6% increase.   
• Initial jobless claims fell by 6,000 to 422,000 for the week ended May 28^th.