, Dec. 1 (UPI) -- The National Association of Credit Management of New York said Wednesday its credit manager index eased during November.
The NACM said its credit index declined to 56.2 from the high of 62.6 posted in April, but still comfortably above 50. A reading over 50 implies improving credit market conditions, while a reading under 50 suggests deterioration.
The report noted. "Overall, nothing changed in November. A slight slowing in the manufacturing sector growth was offset by a small gain in the service sector." The company said it sees no major concerns heading into December.
The manufacturing sector index declined for the fifth consecutive month, down by 0.4 percentage point to 57.0 from 57.4 in October. The service sector recorded a skimpy 0.2 percentage point increase to 55.3 during November.
The overall index has exceeded 50 every month since January 2002, but this was the 23rd consecutive month during which the service sector index was above 50.
The manufacturing index has been above 50 for 30 months.
The credit manager index is compiled from a survey of 500 credit managers conducted during the last 10 days of the month, with about equal representation from manufacturing and service sectors.
