Small Business Defaults in Pennsylvania Down in April
Chicago, IL, June 13, 2017 (Newswire.com) - PayNet, the premier provider of small business credit assessments on private companies, reports that in April 2017 overall defaults decreased within Pennsylvania's small businesses. Of the 18 major industries, defaults dropped in 12 and rose in 6 in the state compared to the prior month.
Following a 2 basis point dip from March, Pennsylvania's PayNet Small Business Default Index (SBDFI) of 1.73% was 17 basis points below the national SBDFI level of 1.90%. Financial health is weaker than a year ago in the state despite the recent downturn in defaults. Year-over-year, the national SBDFI rose 26 basis points, while Pennsylvania's SBDFI increased 24 basis points.
The three industries with the highest default rate in Pennsylvania were Mining, Quarrying, and Oil and Gas Extraction (4.07%); Transportation and Warehousing (3.59%); and Manufacturing (2.24%). Nationally, Mining, Quarrying, and Oil and Gas Extraction had a default rate of 4.46%, with a difference of +1.51% compared to the prior year versus a variance of -1.25% in Pennsylvania.
At 99.8, the PayNet Small Business Lending Index (SBLI) for Pennsylvania surpassed the national SBLI level (98.2) despite dropping by 0.8% from the previous month's state level.
"More definitive trends are needed to gauge the future economic performance for Pennsylvania," states William Phelan, president of PayNet.
Source: PayNet
