Small Business Defaults in Arizona Unchanged in June
Chicago, IL, August 8, 2017 (Newswire.com) - PayNet, the leading provider of credit ratings on small businesses, reports that in June 2017 overall defaults have not changed within Arizona's small businesses. Of the 18 major industries, 13 declined and 5 increased.
The PayNet Small Business Default Index (SBDFI) for Arizona at 1.83% was unchanged from May. Arizona's SBDFI was 3 basis points under the national SBDFI level of 1.86%. The decline in defaults over the past three months may signal improving financial health in the state. Both the Arizona and national SBDFI rose 16 basis points year-over-year.
The industries with the highest default rates in Arizona were Transportation and Warehousing (4.94%); Mining, Quarrying, and Oil and Gas Extraction (3.44%); and Admin & Support and Waste Management & Remediation Services (2.91%). Nationally, Transportation and Warehousing had a default rate of 4.57%, with a difference of +0.68% compared to the prior year, while Arizona had a variance of +1.10%.
Arizona's PayNet Small Business Lending Index (SBLI) registered at 91.8, dropping 0.1% from the previous month's state level, but 7.0% lower than the national SBLI level of 98.7 this month. Small business borrowers are being cautious and holding off on new investment.
"Falling defaults over recent months signal improved financial health," explains William Phelan, president of PayNet.
Source: www.paynet.com
