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A continued contraction may make it even tougher for consumers to pay off loans, especially credit card and auto debt, creating another layer of risk.
"You've been hearing comments that earnings season is going to show a continued contraction in the rate of growth," said Robert Pavlik of Banyan Partners.
Mona, who plays off a handicap of nine, reckons there is going to be a continued contraction over the next three to five years with hundreds of courses closing a year.
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While a number below 50 indicates continued contraction, the improvement suggests the economy may be getting nearer to its nadir, setting up conditions for a rebound in the second half.
France's overall PMI reading for August was 49.5, suggesting continued contraction despite a slight increase in service sector activity.
But the following sentence should easily temper any enthusiasm: "Contacts in a broad range of industries report continued contraction in employment at their establishments, and most anticipate steady or declining employment levels in the months ahead".
Early (and incomplete) figures for this quarter point to "continued contraction of activity, in a context of marked apathy in internal consumption," according to the Bank of Spain.
The index dropped for the seventh straight month, and the negative reading shows continued contraction in the sector.
It might not be surprising that he avoids a bullish prediction, but Mr Roubini goes one step further, noting that other economists are still suggesting a "doomsday" scenario, with continuing contraction for a long time to come, and thus even he could be considered as an optimist.
The graduation ceremony on May 27 was the last ever for Rice, which is being closed, and the event was most significant as a symbol of the continuing contraction of Roman Catholic education in the urban settings where it has been most needed.
The country's performance of manufacturing index fell to a four-year low in April, indicating continuing contraction in the sector despite record low interest rates of 2.75 percent.
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CEO of Professional Science Editing for Scientists @ prosciediting.com