Pennsylvania Small Business Defaults on the Rise in May
Chicago, IL, July 25, 2017 (Newswire.com) - PayNet, the premier provider of credit ratings on small businesses, announces that in May 2017 the percentage of Pennsylvania's small businesses defaulting on existing loans has increased. Of the 18 major industries, 9 rose and 9 dropped.
The PayNet Small Business Default Index (SBDFI) for Pennsylvania registered at 1.77% following a 7 basis point rise from April. Pennsylvania's SBDFI was 10 basis points under the national SBDFI level of 1.87%. Year-over-year, Pennsylvania's SBDFI increased 22 basis points, while the national SBDFI rose 19 basis points.
The industries with the worst default rate in Pennsylvania were Mining, Quarrying, and Oil and Gas Extraction (3.97%); Transportation and Warehousing (3.47%); and Manufacturing (2.44%). Nationally, Mining, Quarrying, and Oil and Gas Extraction had a default rate of 4.36%, with an unfavorable change of +0.80% compared to the prior year, while Pennsylvania had a favorable change of -1.43%.
Coming in at 99.8, Pennsylvania's PayNet Small Business Lending Index (SBLI) surpassed the national SBLI level (98.3) and performed on par with last month's state level.
"More definitive trends are needed to gauge the future economic performance for Pennsylvania," asserts the president of PayNet, William Phelan.
Source: www.paynet.com
