U.S. business borrowing for equipment rises 2% in July – ELFA
Aug 22 (Reuters) – U.S. companies borrowed 2% more in July to finance their investments in equipment compared with a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Monday.
The companies signed up for $10.1 billion in new loans, leases and lines of credit last month, compared with $9.9 billion a year earlier.
“Despite higher interest rates, continued supply chain disruptions, and higher inflation, the equipment finance industry continues to deliver value to businesses which rely on it to acquire necessary capital equipment to run their operations,” ELFA Chief Executive Ralph Petta said in a statement.
Register now for FREE unlimited access to Reuters.com
Register
ELFA, which reports economic activity for the nearly $1 trillion equipment finance sector, said credit approvals totaled 78%, down from 78.1% in June.
The Washington-based body’s leasing and finance index measures the volume of commercial equipment financed in the United States.
The index is based on a survey of 25 members, including Bank of America Corp (BAC.N), and financing affiliates or units of Caterpillar Inc (CAT.N), Dell Technologies Inc (DELL.N), Siemens AG (SIEGn.DE), Canon Inc and Volvo AB (VOLVb.ST).
The Equipment Leasing & Finance Foundation, ELFA’s non-profit affiliate, said its confidence index in August is 50%, an increase from 46.1% in July. A reading above 50 indicates a positive business outlook.
Register now for FREE unlimited access to Reuters.com
Register
Reporting by Priyamvada C; Editing by Devika Syamnath
Our Standards: The Thomson Reuters Trust Principles.
More Stories
Usain Bolt fires business manager over Jamaica fraud case
SAN JUAN, Puerto Rico -- Jamaican sprinter Usain Bolt told reporters Friday that he is baffled over how $12.7 million...
Required business, multi-family recycling service on track for March start
Cam Lewis, general manager at Moe's Original BBQ in Steamboat Springs, breaks down cardboard boxes for recycling in the trash...
Italia De La Cruz, small business owner, files to run in District 6
Italia De La Cruz, a self-employed small business owner, has filed to run in District 6 on Fort Worth’s City...
Bill to classify drag shows as ‘adult-oriented businesses’ clears Arkansas Senate
Arkansas senators on Tuesday voted to classify drag shows as “adult-oriented businesses” under state law, advancing a bill meant to...
‘Unfinished business’: Los Angeles Angels owner no longer selling team
LOS ANGELES, Jan 23 (Reuters) - Los Angeles Angels owner Arte Moreno on Monday said he was no longer interested...
Daniel Jones: I’d love to be back, but there’s a business side of it, too
Getty Images The Giants have some work to do in the coming weeks. Running back Saquon Barkley and quarterback Daniel...