US business equipment borrowings fall 4% in June, ELFA says
23/07/2024 20:00
July 23 (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.
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 BAC.N and financing units of
Caterpillar CAT.N , Dell Technologies DELL.N , Siemens AG
SIEGn.DE , Canon Inc 7751.T and Volvo AB VOLVb.ST .
(Reporting by Abhinav Parmar in Bengaluru; Editing by Shreya
Biswas)
((Abhinav.Parmar@thomsonreuters.com;))