The Credit Managers' Index dropped slightly to 54.5 in June, roughly flat from 54.6 in May, according to the National Association of Credit Management.

The index is created from a monthly survey of credit and collection professionals who rate favorable and unfavorable factors in monthly business cycles, with any number higher than 50 indicating growth.

During June, the subindex of favorable factors maintained at 60.2, while the subindex of unfavorable factors dropped to 50.6, a cause for concern for the NACM, according to a news release.

“The favorable factor index was above 64 from December through April, so there is still plenty of room for improvement. In the end, the areas that improved were offset by the areas that fell back," said Chris Kuehl, economist for the NACM, in the release.

The NACM pointed to continually sagging sales, which dropped to 60.6 from 61.2. The May reading was near the lowest point of the year, 60,  set in April. New credit applications also fell to 57.5, the lowest point since December. The largest shift occurred in accounts placed for collection, which moved to 48.3 from 50.5, and decreases also occurred in the dollar amount of customer deductions - to 48.7 from 50.2 - and bankruptcy filings - to 56 from 56.4, the release said.

“Thus far, there does not seem to be an acceleration of distress, and that can be counted as a positive, though it would be nice to see the categories crest above 50 and stay there for a while,” Kuehl said in the release. “Through the course of the year, the lowest level in unfavorable factors was set in August 2011 when it sagged to 49.1, with the highest point set in March when it reached 52. That is a very narrow band and suggests most companies are holding their own, but not growing like many expected."