First the bad news:

The Institute for Supply Management’s index of non-manufacturing activity showed that economic activity in U.S.-based service sectors contracted for the fourth-straight month.

Now the good news:

The rate of contraction has slowed for the past two months, which might be a sign that that service industries are close to a bottom.

If we’ve learned anything from past market gyrations it is this; very few things are ever as good or as bad as they first appear. Stay focused on the long view.