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A monthly survey of the business economy shows that the housing market is continuing to be a major drag on the economy. The seasonally adjusted “Credit Managers Index” fell 1.2% in July, the first decline in four months. The report showed that eight of the 10 components in the “Index” fell. On a year-over-year basis, the combined “Index” fell 1.6% to 56.0. The manufacturing sector dropped 1.7% on a seasonally adjusted basis as seven of the 10 components of the index fell. The service sector fell 0.7% on a seasonally adjusted basis as five of 10 components fell. The CMI survey asks credit managers to rate favorable and unfavorable factors in their monthly business cycle.

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Credit Manager’s Index
Jul 06: 57.6
Aug 06: 57.3
Sep 06: 57.1
Oct 06: 55.3
Nov 06: 55.2
Dec 06: 54.7
Jan 07: 57.2
Feb 07: 56.6
Mar 07: 55.0
Apr 07: 56.6
May 07: 56.7
Jun 07: 57.2
Jul 07: 56.0
Source: National Association of Credit Management

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