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(Reuters) – US companies lending to finance equipment investment rose 8% in November from a year earlier, the Washington-based Equipment Leasing and Finance Association (ELFA) said on Tuesday.
Businesses signed $ 7.9 billion last month on new loans, leases and lines of credit, up $ 7.3 billion from a year earlier. Debt, however, has fallen by 26% since October.
“Supply chain disruptions continue to affect an otherwise strong economy, creating inflationary pressures that worry many Americans.” ELF CEO Ralph Petta said in a statement.
“It is hoped that the Fed (US Federal Reserve) will not stifle the (economic) recovery in its efforts to control further inflation.”
The ELFA, which reports nearly $ 1 trillion in economic activity for the equipment capital financial sector, said credit approvals were 77.2%, down from 78% in October.
The Washington-based leasing and financial 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 (NYSE :), CIT Group (NYSE 🙂 Inc., and financing affiliates or units. The caterpillar Inc. (NYSE :), Dell Technologies (NYSE 🙂 Inc., Siemens AG (OTC :), Canon Inc. and Volvo AB (OTC :).
ELFA’s non-profit subsidiary, the Equipment Leasing and Finance Foundation, had a monthly confidence of 63.9% in December, down from 64.6% in November. A reading above 50 indicates a positive outlook for the business.
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