U.S. business borrowing for equipment falls about 7% in April: ELFA

📆 2020/05/27 05:15:00
📰 Reuters

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U.S. companies' borrowings for capital investments fell about 7% in April from a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Tuesday.

Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease on the floor at the New York Stock Exchange in New York, U.S., May 26, 2020. REUTERS/Brendan McDermid

The companies signed up for $8.2 billion in new loans, leases and lines of credit last month, down from $8.8 billion a year earlier. Borrowings fell 8% from the previous month. This pattern is expected to continue into the summer months as the nation’s economy dips into a recession, he added.

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