Economic Indicators

US business equipment borrowings fall 4% in June, ELFA says

2024.07.23 15:30

(Reuters) – U.S. companies borrowed 4% less to finance equipment investments in June than a year ago, industry body Equipment Leasing and Finance Association (ELFA) said on Tuesday.

New loans, leases and lines of credit signed up by companies in June were down 2% from $10.20 billion a month ago.

ELFA, which reports economic activity for the more than $1-trillion equipment finance sector, said credit approvals for U.S. companies came in at 75%, unchanged from May.

“A pullback in origination activity at banks caused overall new business volume to dip in June after double-digit growth in the previous two months,” ELFA President and CEO Leigh Lytle said.

© Reuters. FILE PHOTO: A long exposure picture shows the One World Trade Center building peaking through the Manhattan skyline, as seen from Jersey City, New Jersey, U.S., July 3, 2023. REUTERS/Amr Alfiky/File Photo

The Equipment Leasing & Finance Foundation, ELFA’s non-profit affiliate, said its confidence index for July stood at 50.7, up from 50.2 in June. A reading above 50 indicates a positive business outlook.

ELFA’s leasing and finance index is based on a 25-member survey, including Bank of America and financing units of Caterpillar (NYSE:), Dell Technologies (NYSE:), Siemens AG (OTC:), Canon Inc and Volvo AB (OTC:).



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