"It Was Fun While It Lasted" - Credit Manager 'Sales' Index Crashes To 7-Year Lows

Tyler Durden's picture

Overall, it was fun while it lasted - the trends had been up and now they aren’t,” warns National Asscociation of Credit Managers' economist Chris Kuehl.

This sentiment comes as NACM's Credit Manager Index plummetes to its lowest since 2009...

The score reflects the deterioration in the combined favorable categories reading (56.4). In July, it was as high as it was in March (60.0). The categories in the favorable sector were lower than they had been last month, and some by quite a lot. The index of combined unfavorable factors also dropped (49.2 to 49.1), but not as dramatically. “The best that can be said about the decline is that it was bad and hasn’t gotten much worse,” Kuehl added.

When looking at specifics in the favorable categories, there was not much to celebrate and some of these sectors are worrying. The sales category was riding a high at 60.0 last month and dropped to 53.7, marking the lowest point in seven years.


“The sales collapse is consistent with what has been appearing in the Purchasing Managers’ Index and other statistics, so it is unlikely to be an anomaly, not good timing as far as the retail community is concerned,” explained Kuehl.

And finally, favorable and unfavorable aggregate indices have plunged...


We leave to Kuehl to sum up: “the most vexing part of the change is that it is happening at the start of the season that many in the economy count on for growth.”

Source: NACM

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offwirenews's picture

so what. these are just charts that have no bearing on CB shenanigans.

If I had a nickel for every chart that shows we're in a full blown depression while at the same time "markets" not giving a s***...

who cares's picture

Because the markets are full of s***, or better B***. Wait, soon the s*** will hit the fan.

The Merovingian's picture

The only charts needed today are astrology charts, because EVERYTHING is pointing to Uranus, and nothing good EVER comes from there.

philipat's picture

But, but, but...Mr Israeli Fischer just told us that everything is awesome and rate hikes are coming. More BS. If evertyhing is so awesome, make it 50bps or even 100 bps in September, no wimpy little 25? But, of course, that might mean another meetting for Mr Fellen at the White House being so close to an election??

back to basics's picture

That's funny, somehow I missed the ZH article in 2014 telling us that this index was within spitting distance of its all time high......which at the time was totally inconsistent with this site's perceptual doom and gloom narrative.

Constantly only looking for data that confirms a bias is a fool's errand.

Kefeer's picture

There is truth in what you say and all have a bias; somewhere in between is reality - few are living in reality.

jcdenton's picture

Slow motion train wreck ..


Train derailed a while back ..


Going fast enough to still have some momentum ..


One by one, the wreckage pieces appear to public view ..


At some point it all stops ..


Then again, all of a sudden, the derailed train hits a mountain ..


All the pieces of wreckage comes at once ..

Kefeer's picture

“the most vexing part of the change is that it is happening at the start of the season that many in the economy count on for growth.”-end


The very reason it will hold together for a while longer; not so much growth as preventing further downward trends- I have seen a few people state that 2017 Q3 will be where the "roll-over" (AKA reset) will take placeTime will reveal all and time will capture all.

saveUSsavers's picture