U.S. business borrowing for equipment rises 16% in May - ELFA
The companies signed up for
"The economy continues to provide jobs and corporate
America, in general, reports strong balance sheets - all in the
face of a waning health pandemic,"
"Offsetting this good news is high inflation, creating havoc for many consumers, and continued supply chain disruptions and higher interest rates", Petta added.
ELFA, which reports economic activity for the nearly
The sustained rising interest rate environment, a pandemic
overhang and extreme supply chain bottlenecks have pushed for a
greater need in the equipment financing industry, said
The index is based on a survey of 25 members, including Bank of America Corp (BAC), and financing affiliates or units of Caterpillar Inc (CAT), Dell Technologies Inc (DELL), Siemens AG, Canon Inc and Volvo AB.
The Equipment Leasing and Finance Foundation, ELFA's
non-profit affiliate, said its confidence index for June was
50.9, up from 49.6 in May. A reading above 50 indicates a
positive business outlook.
(Reporting by