The National Association of Credit Management’s CMI managed to improve in October from 56.6 to 56.7. Though the service sector faltered, driven by the hit in retail delivered by the government shutdown, the manufacturing sector seemed to shrug off the turmoil in anticipation of a better year to come.
Columbia, Maryland: October 31, 2013—Despite the threat of a political impasse in the United States that some thought could derail the entire global economy, October’s Credit Managers’ Index (CMI), issued by the National Association of Credit Management (NACM), was largely unfazed. The combined CMI improved from 56.6 in September to 56.7 in October, marking the highest reading in over a year and a half.
The October CMI may have been the most watched in years, according to NACM Economist Chris Kuehl, PhD. “The dominant story for the bulk of the last quarter was the political impasse that resulted in a government shutdown for three weeks and posed a threat to the U.S. credit rating,” he said. “Everyone was hanging onto the edge of their seats to see what this would do to the economy. Predictions ranged widely from utter financial chaos to no real response at all.”