Pennsylvania Small Business Defaults Fall in August
Chicago, IL, October 23, 2017 (Newswire.com) - PayNet, the leading provider of small business credit assessments on private companies, announces that in August 2017 fewer small firms defaulted on loans in Pennsylvania. Of the 18 major industries, defaults fell in 10 and rose in 5 in the state compared to the prior month.
PayNet’s Small Business Default Index (SBDFI) for Pennsylvania registered 1.67% after a 2 basis point fall from July. Pennsylvania's SBDFI was 17 basis points below the national SBDFI level of 1.84%. Year-over-year, the national SBDFI increased 8 basis points, whereas Pennsylvania's SBDFI dipped 6 basis points.
The three industries with the highest default rate in Pennsylvania were Transportation and Warehousing (3.62%); Mining, Quarrying, and Oil and Gas Extraction (3.15%); and Accommodation and Food Services (2.51%). Nationally, Transportation and Warehousing had a default rate of 4.51%, with a difference of +0.48% compared to the prior year, while Pennsylvania had a variance of +0.09%.
At 100, Pennsylvania's PayNet Small Business Lending Index (SBLI) increased 0.7% from last month's state level and performed on par with the national SBLI level of 99.3 this month. Small business borrowers are cautiously increasing investment.
"Time will tell how these conditions will affect Pennsylvania's economy going forward," states William Phelan, president of PayNet.
Source: www.paynet.com
