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