New Mexico Small Business Defaults Stable in November
CHICAGO, February 1, 2018 (Newswire.com) - In November 2017, small business loan defaults remained unchanged in New Mexico's business community, data published by PayNet show. Of the 18 major industries, 10 fell and 5 rose.
Following similar behavior to October, New Mexico's PayNet Small Business Default Index (SBDFI) at 2.23% was 41 basis points higher than the national SBDFI level of 1.82%. The decrease in defaults over the past two months may signal better business conditions in the state. New Mexico's SBDFI increased 10 basis points over the last year, whereas the national SBDFI dipped 1 basis points.
The three industries with the highest default rates in New Mexico were Mining, Quarrying, and Oil and Gas Extraction (5.20%); Transportation and Warehousing (4.39%); and Health Care and Social Assistance (2.62%). Nationally, Mining, Quarrying, and Oil and Gas Extraction had a default rate of 2.94%, with a difference of -1.73% compared to the prior year, while New Mexico had a variance of -0.17%.
The PayNet Small Business Lending Index (SBLI) for New Mexico registered at 86.1, falling 0.1% from last month's state level, but 14.4% below the national SBLI level of 100.6 this month. Year-over-year, business investment improved 7.4%.
"Small businesses continue to be fiscally fit and pose less credit default risk," states the president of PayNet, William Phelan.
Source: www.paynet.com
