U.S. small business borrowing rose last month from a year earlier, an index that tracks lending showed on Tuesday, signaling moderate growth ahead for the economy as a whole.
The Thomson Reuters/PayNet Small Business Lending Index, which measures the volume of financing to small companies, registered 109.7 in September, down 6 percent from August but up 16 percent from the same month a year earlier.
The differing number of business days in each month accounts for much of the change, PayNet founder Bill Phelan said, who looks to three-month rolling averages for a better reading on the underlying trend. That average, he said, is on a slow, upward path, with September registering an 11 percent rise, compared with a 7 percent gain at the start of the year.
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"We're back to consistent growth," Phelan said in an interview. "Boring is beautiful here."