Small Business Defaults in Missouri on the Decline in May
Chicago, IL, July 24, 2017 (Newswire.com) - PayNet, the premier provider of small business credit assessments on private companies, reports that in May 2017 overall defaults improved among Missouri’s small businesses. Of the 18 major industries, defaults improved in 9 and worsened in 8 in the state compared to last month.
After a 4 basis point fall from April, Missouri's PayNet Small Business Default Index (SBDFI) at 1.85% was 2 basis points less than the national SBDFI level of 1.87%. Financial health is weaker than a year ago in the state despite the recent downturn in defaults. Over the last year, Missouri's SBDFI rose 21 basis points, while the national SBDFI rose 19 basis points.
The industries with the worst default rate in Missouri were Transportation and Warehousing (5.04%); Professional, Scientific, and Technical Services (3.07%); and Construction (2.57%). Nationally, Transportation and Warehousing had a default rate of 4.59%, with a difference of +0.99% compared to the prior year, while Missouri had a variance of +0.83%.
Registering at 86.2, the PayNet Small Business Lending Index (SBLI) for Missouri improved 0.7% from the previous month's state level, but was 12.3% below this month's national SBLI level (98.3). Small business borrowers are cautiously increasing investment.
"Small business growth bodes well for future GDP," states William Phelan, president of PayNet.
Source: www.paynet.com
