Credit managers held their chins a bit higher in September, posting more favorable outlooks on the economy in a national survey by the National Association of Credit Management.
An index made from the survey results climbed to 53.7 in September from 52.0 in August. Any reading above 50 indicates economic expansion, and September’s increase helped offset concerns from a dip in similar reports in August.
“It is hoped that this data is a harbinger of things to come, but after the last few months of intense gyrations, there is certainly no guarantee,” Kansas City area economist Chris Kuehl said of the association’s report. “The business community as a whole has been cautious and uneasy and has not been eager to make commitments for the future.”
The credit manager survey is similar to the more widely watched purchasing manager survey by the Institute for Supply Management that is due out Monday.
Kuehl said much of the improvement in September’s credit conditions survey came from sales, new credit applications, dollar collections and the amount of credit extended all increasing during the month.