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The
Thomson Reuters/PayNet Small Business Lending Index increased to
140.4 in September from a downwardly revised reading of 135.6
reading in August. It was up 11 percent from a year earlier, led
by firms borrowing in the transportation, warehousing,
construction, accommodation, food, healthcare and real estate
industries.
"It's consumer, consumer, consumer," said Bill Phelan, President
of PayNet. "This above-average growth trend means that small
business is going to deliver material amounts of growth to GDP
in the fourth quarter."
The index, which hit a record in June, has historically tracked
ahead of U.S. gross domestic product growth by two to five
months.
U.S. GDP growth cooled to a 1.5 percent annual pace last
quarter, although consumer spending was a bright spot.
The Federal Reserve said last week it will decide whether to
raise rates in December based on actual and projected progress
toward its goals of 2-percent inflation and full employment.
Many officials see economic growth of 2 percent or more as
strong enough to bring the unemployment rate, now at 5.1
percent, down further.
The Atlanta Fed currently forecasts U.S. growth of about 2.5
percent in the current quarter.
The delinquency rate on loans more than 30 days past due ticked
up to 1.45 percent in September from 1.44 percent the prior
month, separate data from PayNet showed.
PayNet collects real-time loan information such as originations
and delinquencies from more than 250 leading U.S. lenders.
(Reporting by Ann Saphir, editing by G Crosse)
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