New Jersey Small Business Borrowing Stalls in June - PayNet
Chicago, IL, August 9, 2017 (Newswire.com) - In June 2017, borrowing remained stagnant in New Jersey, according to data published by PayNet. Of the 18 major industries, 13 dropped and 5 increased in New Jersey.
Coming in at 95.6, New Jersey's PayNet Small Business Lending Index (SBLI) performed comparably to last month's state level, but was 3.1% lower than the national SBLI level of 98.7 this month.
The three industries with the most unfavorable change in lending activity over the past year in New Jersey were Public Administration (-23.9%); Admin & Support and Waste Management & Remediation Services (-9.9%); and Real Estate and Rental and Leasing (-9.5%). Nationally, Public Administration grew by 11.4% year over year.
The PayNet Small Business Default Index (SBDFI) for New Jersey stood at 1.58%. After a similar value to May, New Jersey's SBDFI was 28 basis points under the national SBDFI level of 1.86%. The national SBDFI climbed 16 basis points compared to last year, while New Jersey's SBDFI has held steady.
"Time will tell how these conditions will affect New Jersey's economy going forward," explains William Phelan, president of PayNet.
Source: www.paynet.com
