Credit Managers Feel Grim
Columbia, MD-The National Association of Credit Managers monthly index continued to decline in November, dropping well below the threshold considered to represent a contracting economy.
The overall index slid to 42.2 in November, down 2.6 points from October. Any reading below 50 is considered to represent declining economic conditions.
Daniel North, chief economist with credit insurer Euler Hermes, prepares the monthly NACM report. "The amount of negative data was overwhelming," he said in a news release. Eight of the 10 components of the index fell to record lows in the survey, he noted.
Both the manufacturing and service credit indicators set record lows.
"The macroeconomic data continues to describe an economy which is in bad shape and which seems to be deteriorating," Mr. North said in a news release.