July‚Äôs economic report from the National Association of Credit Management gives an optimistic outlook, with the combined index rising from 53.4 to 56.
Columbia, MD: July 31, 2015‚ÄĒThe July report of the Credit Managers‚Äô Index (CMI) from the National Association of Credit Management (NACM) reflected a positive recovery to 56‚ÄĒhigher than any monthly reading since last October.
‚ÄúThink about that for a moment‚ÄĒ[that‚Äôs] as high as it was when the GDP numbers for the country were trending at close to 5% growth,‚ÄĚ said NACM Economist Chris Kuehl, Ph.D. ‚ÄúThis is a pretty stunning turnaround.‚ÄĚ
The driving force behind the combined index‚Äôs higher reading comes from the index of favorable factors, which improved from 59.6 in June to 63.5 in July. The combined sales category, however, showed the most impressive gain, jumping from 56.6 to 65.1. Durable goods orders as well as the Purchasing Mangers‚Äô Index have seen similar upward movements, Kuehl added.