The economy’s pace quickened in January, according to a survey of company credit managers.
An index generated from the survey responses climbed to 55.1 this month from 54.9 in December, said the National Association of Credit Management that does the report.
Any reading above 50 indicates the economy is expanding.
Economist Chris Kuehl said the uptick was welcome though not substantial.
“The fact is January’s reading is still the third lowest in the past year, but it is trending in the right direction this month,” Kuehl said in the association’s report. “While there’s nothing to suggest an imminent boom, it would appear that conditions have started to improve.”
The credit managers survey reports each month on conditions in the economy’s manufacturing and service sectors. It is followed by a similar read on the economy based on a survey of purchasing managers that is produced by the Institute for Supply Management.