Small Business Borrowing in New Jersey Falls in August
Chicago, IL, October 23, 2017 (Newswire.com) - In August 2017, New Jersey's small firms borrowed less, according to data issued by PayNet. Of the 18 major industries, 11 dropped and 7 increased in New Jersey.
Coming in at 94.8, New Jersey's PayNet Small Business Lending Index (SBLI) dropped 1.0% from last month's state level and was 4.5% lower than the national SBLI level of 99.3 this month.
Public Administration (-20.3%); Real Estate and Rental and Leasing (-17.4%); and Finance and Insurance (-9.7%) were the industries with the largest drop in lending activity over the past year in New Jersey. Nationally, Public Administration grew by 5.6% year over year.
At 1.55%, the PayNet Small Business Default Index (SBDFI) for New Jersey was 29 basis points under the national SBDFI level of 1.84% after a similar performance to July. The national SBDFI climbed 8 basis points compared to last year, whereas New Jersey's SBDFI fell 3 basis points.
"More definitive trends are needed to gauge the future economic performance for New Jersey," explains the president of PayNet, William Phelan.
Source: www.paynet.com
