The seasonally adjusted Credit Manager's Index (CMI) plummeted a record 3.3% to reach a historic low of 47.4, clearly indicating economic contraction. The survey resulted in numerous other negative records. All 10 components of the Combined Index fell, leaving eight below 50 and seven at record lows. The manufacturing index fell 2.5 to a record low of 47.9 as seven components fell, leaving a record seven components below 50 and three at their lowest levels ever. The seasonally adjusted service sector index fell to a record low of 46.8 in September. On a seasonally adjusted basis over the past 12 months, the manufacturing index fell 5.8 while the service index fell a record 9.1.
NACM Credit Manager's Index: Report for September 2008 Anonymous Business Credit; Nov/Dec 2008; 110, 10; Docstoc pg. 70 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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