New business volumes for equipment finance in the US rose by 6% year-on-year in October, according to the Equipment Leasing and Finance Foundation (ELFA).

The Monthly Leasing and Finance Index (MLFI-25) found October new business volumes of $8.2bn, which also indicated a 13% fall from September 2016’s value of $9.4bn.

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Receivables also followed the pattern of a month-on-month fall, but a year-on-year increase.

Receivables over 30 days were 1.4% in October, down from the 1.5% of September 2016, but an increase on the 1% of October 2015.

Total headcount for equipment finance companies rose 2.7% year-on-year, and credit approvals reached 77.3% in October, up from 76.6% for the previous month.

Overall confidence in the industry fell to a Monthly Confidence Index of 54.6 as doubts over the US economy intensified.

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ELFA president and chief executive officer Ralph Petta said: “The Monthly Leasing and Finance Index showed moderate growth in October new business volume data ahead of the November elections.

“A rate hike is expected when the Federal Reserve Open Market Committee meets next in December, and we believe this development, together with the conclusion of the recent election cycle, will impact business investment decisions during the balance of the year.”