"Credit Crunch Underway
Last week, Alexander Giryavets of Dynamika Capital L.L.C. pinged me with an article he had written on Recessionary Level in Credit Conditions.
His article was based on data from the March Credit Managers' Index by the National Association of Credit Management. The report is pretty damning.
First, let's take a look at some NACM snips. Emphasis in italics is mine. Following the NACM snips and some NACM explanations, we will return to a chart from Giryavets.
From the March NACM Credit Managers Report:
Last week, Alexander Giryavets of Dynamika Capital L.L.C. pinged me with an article he had written on Recessionary Level in Credit Conditions.
His article was based on data from the March Credit Managers' Index by the National Association of Credit Management. The report is pretty damning.
First, let's take a look at some NACM snips. Emphasis in italics is mine. Following the NACM snips and some NACM explanations, we will return to a chart from Giryavets.
From the March NACM Credit Managers Report:
Combined Sectors [Manufacturing and Service]
There is quite obviously some serious financial stress manifesting in the data and this does not bode well for the growth of the economy going forward. These readings are as low as they have been since the recession started and to see everything start to get back on track would take a substantial reversal at this stage. The data from the CMI is not the only place where this distress is showing up, but thus far, it may be the most profound.
at http://globaleconomicanalysis.blogspot.com/2015/04/credit-crunch-underway-can-recession-be.html#fh5xELkmjstqoADH.99
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