Looks like it.
ISM - ISM Report - June 2009 Manufacturing ISM Report On Business:
"A PMI in excess of 41.2 percent over a period of time generally indicates an expansion of the overall economy. Therefore the PMI indicates growth for the second consecutive month in the overall economy and continuing contraction in the manufacturing sector. Ore stated 'The past relationship between the PMI and the overall economy indicates that the average PMI for January through June 39.2 percent corresponds to a 0.6 percent decrease in real gross domestic product GDP . However if the PMI for June 44.8 percent is annualized it corresponds to a 1.1 percent increase in real GDP annually.'"