Combined Credit Manager's Index Report Notes Extremely Sluggish Economy

Summary

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The Combined Credit Manager's Index fell 2.6 percent in May on a seasonally adjusted basis. Seven of 10 components remain above the 50% mark indicating economic expansion but the overall decline was still relatively large.

Only twice in four years has the combined index fallen more, and all 10 of the components in the combined index fell. The size and breadth of the decline suggests a definitive, structural change that outstrips any random month-to-month change, said Dan North, chief economist with credit insurer Euler Hermes ACI. Despite strength in recent government releases, it is likely that the combination of rising oil prices and interest rates continues to quietly erode the strength of the economy in the background.

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Combined Credit Manager's Index Report Notes Extremely Sluggish Economy

The Federal Reserve raised the fed funds rate to 5 percent in May and it now seems likely to ratchet...

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