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U.S. business equipment borrowings rise 9% in November - report

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U.S. companies borrowed 9% more to finance their equipment investments in November from a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Tuesday.

The companies signed up for $8.6 billion in new loans, leases and lines of credit last month, compared with $7.9 billion a year earlier, according to ELFA. Borrowings were up nearly 6% from January.

"Rising interest rates seem to have little or no effect on origination volume in November," ELFA CEO Ralph Petta said in a statement. "Labor markets are stable, inflation woes appear to be abating, consumers are spending, and businesses continue to expand and grow: a recipe for stable growth by providers of equipment financing," Petta added.

ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77.7%, slightly above the October level. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States.

 

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