The small but consistent decreases in the past three-month period certainly point to a second-half economic performance less robust than in the first half of 2000. With employment and income still rising, there will be growth, but not at the pace set earlier in the year.
I don't think we're back to a stable employment level; we're in for another decline, certainly in manufacturing employment. This should be the best month in the past three, but that's damning with faint praise, given how bad March and April were.