US new business volumes were up 5% year-on-year for the month of June, and up 3% year-to-date, according to the US Equipment Leasing and Finance Association (ELFA).
June’s volume was also 30% above the previous month.
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Late payments over 30 days were up 1.4% year-on-year, but down 1.6% compared to the previous month, while write offs remained unchanged for the third month in a row at 0.2%.
Credit approvals totalled 80.1% in June, up from 76.1% in May, while the total staff levels were up 1% year-on-year.
The figures were revealed in ELFA’s Monthly Leasing and Finance Index (MLFI-25), which reports the economic activity of 25 US leasing companies dealing a total of $827bn (614bn) of equipment finance.
Commenting on the figures William Sutton, ELFA President and CEO, said "New business volume shows steady year-over-year growth as businesses continue to invest in plant and equipment. It remains to be seen whether and to what extent the Fed’s recent stance toward a gradually tightened monetary policy and resultant increase in short- and long-term rates in the coming months is providing a stimulus for this rise in capital expenditure."
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