The September report of the Credit Managers’ Index (CMI) from the National Association of Credit Management fell in September to 54.9 from 56.7. While still firmly in the growth category, this is the lowest reading in nearly two years. Not even the “Polar Vortex” months of bad winter weather early in the year were as weak, NACM says. The collapse was felt in a variety of categories.
“This was not a small reversal of fortune by any stretch of the imagination,” said NACM Economist Chris Kuehl. “This could be termed a collapse, and it begs a very important question—which is correct: the Purchasing Managers’ Index or the Credit Managers’ Index?”