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Credit Manager's Index (CMI) for October 2003 Reports Highest Levels Since May 2002

November 3, 2003

The National Association of Credit Management (NACM) has released its Credit Manager's Index (CMI) for October 2003. The combined NACM Credit Manager's Index of 57.9 is at its highest level since May 2002.

This performance is primarily driven by the manufacturing sector, which reached its highest reading in its history, dating to February 2002. The service sector participated in the October gains. The service index reading of 56.3 is its first up-tick since May of this year.

Hopefully, the service performance indicates continuing improvement in this sector for the fourth quarter of this year. Overall, the economy continues to strengthen.

The CMI, a monthly survey of the business economy from the standpoint of credit and collections, was launched in January 2003 to provide financial analysts with another strong economic indicator.

The CMI survey asks credit managers to rate favorable and unfavorable factors in their monthly business cycle. Favorable factors include sales, new credit applications, dollar collections and amount of credit extended. Unfavorable factors include rejections of credit applications, accounts placed for collections, dollar amounts of receivables beyond terms and filings for bankruptcies.

To view the complete index online, visit www.nacm.org/resource/press_release/pressOct03.html.

About the National Association of Credit Management (NACM)

NACM, headquartered in Columbia, Md., supports more than 25,000 business credit and financial professionals worldwide with industry services, tools and information.

NACM and its network of Affiliated Associations are a resource for credit and financial management information and education, delivering products and services designed to improve the management of business credit and accounts receivable.

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