The Credit Managers’ Index inched up to 46.6 in June from 45.4 in May, which is still below the 50 level that marks growth but indicates that a recovery could be imminent. “The data has not yet been enough to push past the point of contraction to expansion,” according to NACM economist Chris Kuehl, “but it is getting ever closer to that point, that expansion is only a month or two away.”

The manufacturing sector registered a strong gain last month, and some sectors have risen above the expansion line, according to the National Association of Credit Management.

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