Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Jason Kupferberg - UBS.
Jason Kupferberg - UBS
So now that the fiscal 2009 is essentially halfway over and understandably most investors focus is starting to turn to fiscal 2010, I know it's too soon for you guys to provide official fiscal 2010 guidance but can you give us some kind of framework to think about how the top line growth trends might look directionally next year versus this year, just as we look at some of the new sales trends, obviously the pays per control weakening, the client retention getting a bit softer. I know you provided the waterfall chart last quarter, but if you can help us think through some of the directional changes that you might expect to observe in the business as these leading indicators play out, that would be helpful.
Gary Butler
I think there's a couple of things you need to think about. Obviously, we're not in any position to give forecasts for fiscal 2010, but I think there are some things that are obvious. One is the environment continues to be tough; I don't think that's going to change in the next four or five months as we go into fiscal 2010. I think our execution has been terrific in terms of new business sales, with over $1 billion despite the environment.
So as I look into fiscal 2010, I would be surprised if we went below that low-water mark as we think about growing the business for next year. I think we're still going to be able to get price increases, particularly for accounts that we discount; get them started as we look ahead. Clearly, our retention rate is north of 90% as we make the turn, and although I expect some continued pressure, I don't think we're going to see a big step back in retention either this year or next year even though I think it will be down from last year's rate.
So when you look at that all together, I think clearly it will be a challenging environment, but still one that has growth and absolute performance that's pretty darn good.
Jason Kupferberg - UBS
And just a quick follow up on that. As you mentioned, the year-to-date new ES sales are down about 11%, and you're looking for it down about 10% for full year, so I guess you're actually looking for a little bit of improvement, if the math is right there, for the back half of the year. I know that your year-over-year comparisons are easier but, aside from that, can you talk about what's in your pipeline or your close rates or anything to help us understand the visibility that you might have on achieving the down 10% for the full year?
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