Small Business Defaults in New Mexico on the Decline in June
Chicago, IL, August 9, 2017 (Newswire.com) - In June 2017, the percentage of New Mexico's small businesses defaulting on existing loans has declined, with default rates in 12 of the 18 major industries falling in the state, data announced by PayNet reveals.
PayNet’s Small Business Default Index (SBDFI) for New Mexico registered at 2.34% after a 3 basis point fall from May. New Mexico's SBDFI was 48 basis points higher than the national SBDFI level of 1.86%. The decline in defaults over the past two months may signal better business conditions in the state. New Mexico's SBDFI increased 28 basis points over the last year, which was a significantly sharper climb than the 16 basis point increase displayed by the national SBDFI.
Transportation and Warehousing (5.73%); Mining, Quarrying, and Oil and Gas Extraction (5.63%); and Construction (2.86%) exhibited the highest default rates of all industries in New Mexico. Nationally, Transportation and Warehousing had a default rate of 4.57%, with a difference of +0.68% compared to the prior year, while New Mexico had a variance of +0.80%.
New Mexico's PayNet Small Business Lending Index (SBLI) registered at 80.6, falling 0.6% from the previous month's state level, and 18.3% lower than this month's national SBLI level (98.7).
"More definitive trends are needed to gauge the future economic performance for New Mexico," asserts William Phelan, president of PayNet.
Source: www.paynet.com
