Small Business Defaults in Illinois Up in June
CHICAGO, August 9, 2017 (Newswire.com) - PayNet, the leading provider of credit ratings on small businesses, reports that in June 2017 overall defaults increased among small businesses in Illinois, despite default rates in 11 of the 18 major industries falling in the state.
In spite of a 3 basis point increase from May, Illinois' PayNet Small Business Default Index (SBDFI) at 1.76% was still 10 basis points less than the national SBDFI level of 1.86%. Illinois' SBDFI increased 35 basis points year-over-year, which was a much sharper rise than the 16 basis point increase exhibited by the national SBDFI.
Transportation and Warehousing (4.41%); Manufacturing (3.01%); and Accommodation and Food Services (2.63%) registered the highest default rates of all industries in Illinois. Nationally, Transportation and Warehousing had a default rate of 4.57%, with a difference of +0.68% compared to the prior year, while Illinois had a variance of +1.27%.
Registering at 111.3, Illinois' PayNet Small Business Lending Index (SBLI) exceeded the national SBLI level (98.7) despite dropping 0.4% from last month's state level.
"More definitive trends are needed to gauge the future economic performance for Illinois," asserts the president of PayNet, William Phelan.
Source: www.paynet.com
