There was a sharp drop in the National Association of Credit Management Credit Managers’ Index in August, as it fell from the high of 56 in July to 54.2. However, the reading of 54.2 was still above the reported number from June (53.4) and in line with the results from May (54.1).

The NACM said that the CMI has been equally as volatile as the Purchasing Managers’ Index, which has been affected some by the “wild gyrations” in the stock market.

Along with the fall in the overall CMI, there was a precarious drop in the index of favorable factors, which dropped to 59.2, a number far below the 63.5 recorded last month, which was the highest level since August of last year (63.8). The largest shift came in sales, where the reading went from 65.1 to 57.9, with the NACM asserting that last month’s number was an anomaly as there had not been a reading in the 60s prior to July since January.

The NACM warns that the CMI could fall even lower next month, as all the data for the August index came before the market meltdown associated with the tumultuous economic environment in China.

Read the full NACM report here.