Credit Managers see slowdown
January 2, 2007,
Columbia, Md. -- With the nation's corporate credit watchdogs growing more wary, the monthly Credit Managers' Index fell for a fifth straight month in December, dropping to its lowest level since April 2003.
The trade group said info rmation coming from its members "strongly suggests a slowing economy and remains consistent with data from the rest of the macro-economy indicating a slowdown," specifically weak GDP growth for two straight quarters, weakness in durable goods orders, modest holiday sales, and signs of weakness in the labor markets.
Measured on a year-over-year basis, the Credit Managers' Index has fallen 3.6% to a level of 54.7 with nine of the 10 components falling. The 12-month drop was driven mostly by deterioration in the services sector, which fell 7.5%. Manufacturing eked out a slender gain of 0.4%.
"Overall, the year-over-year data continues to suggest an economy slowly weakening under the strain of tightened monetary policy and a decimated housing market," the NACM reported.
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more...