Reuters reported that borrowing by U.S. small businesses edged up in August, pushing an index of borrowing to a six-year high. The Thomson Reuters/PayNet Small Business Lending Index, which measures the volume of financing to small companies, rose 1% to 116.6, the highest level since August 2007. The index registered 115.4 in July, revised from an initial reading of 117.7, Reuters said, citing PayNet.
Reuters quoted PayNet president Bill Phelan as saying, “But the sluggish pace at which borrowing is increasing makes accelerated growth in jobs unlikely.”
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