U.S. business borrowing for equipment falls 13% in September: ELFA

  • 📰 Reuters
  • ⏱ Reading Time:
  • 45 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 97%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

U.S. companies' borrowings for capital investments fell about 13% in September from a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Thursday.

FILE PHOTO: Cranes and other construction equipment are seen towering over Las Vegas hotels at CONEXPO-CON/AGG convention at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. March 9, 2017. REUTERS/David Becker

- U.S. companies’ borrowings for capital investments fell about 13% in September from a year earlier, the Equipment Leasing and Finance Association said on Thursday. The companies signed up for $8.7 billion in new loans, leases and lines of credit last month, down from $10 billion a year earlier. Borrowings in September rose 24% from the previous month.

“Despite the drop in September year-over-year new business, a look at the data beginning with the advent of the pandemic in February shows that the industry, in general, is holding its own,” ELFA Chief Executive Officer Ralph Petta said.Washington-based ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals rose to 72.9% in September from 71% in August.

ELFA’s leasing and finance index measures the volume of commercial equipment financed in the United States.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in CA

Canada Canada Latest News, Canada Canada Headlines