The seasonally adjusted Credit Manager’s Index (CMI) fell 0.3 points in September to 54.8. Dan North, chief economist with credit insurer Euler Hermes ACI pointed out that while the loss was small, it was definitive as seven of the 10 components fell. “The data showed mixed conditions since small gains in the service sector were offset by modest losses in the manufacturing sector,” he said. “While this month’s data does indicate a slight decay, only two components have slipped below the 50 level indicating expansion,” he continued. “So far, trade credit conditions seemed to have weathered the storm which recently roiled the public debt markets. The turmoil has been only one of several indicators which have many economists starting to feel increasing discomfort about the economy’s future.” North notes that slower growth and more difficult business conditions almost certainly lie ahead. “The credit managers who have done so well keeping problems to a minimum up until now might find a more challenging environment in the rest of 2007 and into 2008,” he concluded.