Small Business Defaults in New York on the Decline in July
Chicago, IL, September 20, 2017 (Newswire.com) - PayNet, the premier provider of small business credit assessments on private companies, reports that in July 2017 overall defaults decreased among New York's small businesses, with default rates in 12 of the 18 major industries falling in the state.
Following a 5 basis point dip from June, New York's PayNet Small Business Default Index (SBDFI) at 1.76% was 11 basis points less than the national SBDFI level of 1.87%. The decline in defaults over the past two months may signal better business conditions in the state. New York's SBDFI rose 26 basis points year-over-year, while the national SBDFI increased 15 basis points.
The three industries with the worst default rates in New York were Transportation and Warehousing (2.97%); Information (2.71%); and Accommodation and Food Services (2.47%). Nationally, Transportation and Warehousing had a default rate of 4.57%, with a difference of +0.63% compared to the prior year, while New York had a variance of +0.98%.
Coming in at 99.8, the PayNet Small Business Lending Index (SBLI) for New York rose 0.4% from last month's state level and performed similarly to the national SBLI level of 98.9 this month. The Index is basically unchanged from a year ago.
"It appears the state’s economy is improving and will soon be able to resume expansion," states William Phelan, president of PayNet.
Source: www.paynet.com
