Small Business Defaults in New York Down in June
Chicago, IL, August 9, 2017 (Newswire.com) - PayNet, the premier provider of small business credit assessments on private companies, announces that in June 2017 fewer of New York's small businesses defaulted on existing loans, with default rates in 13 of the 18 major industries falling in the state.
Following a 4 basis point drop from May, New York's PayNet Small Business Default Index (SBDFI) at 1.80% was 6 basis points below the national SBDFI level of 1.86%. Financial health is weaker than a year ago in the state despite the recent downturn in defaults. Year-over-year, New York's SBDFI increased 36 basis points, while the national SBDFI increased 16 basis points.
Transportation and Warehousing (2.99%); Information (2.43%); and Accommodation and Food Services (2.39%) recorded the worst default rates of all industries in New York. Nationally, Transportation and Warehousing had a default rate of 4.57%, with a difference of +0.68% compared to the prior year, while New York had a variance of +0.89%.
At 99.8, the PayNet Small Business Lending Index (SBLI) for New York slightly exceeded the national SBLI level (98.7) despite declining by 0.5% from last month's state level.
"More definitive trends are needed to gauge the future economic performance for New York," states William Phelan, president of PayNet.
Source: www.paynet.com
