Dairy replacement sales results from Turlock, Calif., on March 28:
#1 Hol Springers: $1800-$2500
#2 Hol Springers: $1400-$1775
# 1 Jer Springers: $1500-$1925
# 1 Jer x Springers: $1200-$2225
Holstein Bred Heifers: No test
Holstein Open Heifers: No test
Credit Managers' Index for March stalls
The National Association of Credit Management’s monthly economic report showed the effects of a continued harsh winter, but at least the roller coaster ride seems to have ended for the moment. An improvement in the amount of credit extended was tempered by a decline in the number of companies applying for credit, indicating continued caution.
The March 2014 Credit Managers’ Index (CMI) stalled at February and December levels, leaving January’s spike as the anomaly. However, a holding pattern due in part to the effects of a harsh winter is preferred to a decline, leaving room for some optimism about the economy in months to come.
The CMI monitors "positive" and “negative” factors in U.S. manufacturing and service sectors. Positive factors include sales, new credit applications and amount of credit extended. Negative factors include rejections of credit applications, accounts placed for collection, and dollar amount beyond terms.
Most of the factors comprising the March CMI stayed the same from the previous month, with a few notable exceptions. Favorable factors slipped very slightly, with sales, new credit applications and dollar collections slightly lower. The only positive shift was in amount of credit extended. The unfavorable factor index showed the same kind of behavior, with an almost imperceptible rise. There is no evidence of severe financial turmoil.
“The rise in amount of credit extended is better news than it might seem as it suggests some anticipation for better days ahead,” said NACM economist Chris Kuehl. “That credit was being extended despite the drop in applications for credit is a good sign in general.”
Ample evidence suggests that weather caused a great deal of disruption in almost every category. The transportation system was paralyzed several times, affecting everything from manufacturing to retail. The most recent Federal Reserve Beige Book readings reported that weather had caused a slowdown in the economic growth in nine of the 12 districts.
For a full breakdown of the manufacturing and service sector data and visuals, view the complete March 2014 report at http://web.nacm.org/CMI/PDF/CMIcurrent.pdf. CMI archives may also be viewed on NACM’s website at http://web.nacm.org/cmi/cmi.asp.