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U.S. capex financings tumbled again in January

CHICAGO
Tue Feb 24, 2009 4:13pm EST

CHICAGO (Reuters) - A trade group representing lenders who finance half the capital equipment investment in the United States told Reuters on Tuesday that capex financings tumbled for a sixth consecutive month in January.

In a release timed to coincide with the Reuters Manufacturing Summit in Chicago, the Equipment Leasing and Finance Association said its capex financing index fell 23.7 percent year-over-year in January to $4.5 billion.

The drop between December and January was an even more dramatic 50.6 percent.

ELFA told Reuters that capex financing approvals fell to just 65.2 percent in January, a "historic" low.

The group said tighter lending standards and fewer applications were behind the declines in January, which is typically a strong month for financings.

(For summit blog: blogs.reuters.com/summits/)

(Reporting by James Kelleher; Editing by Phil Berlowitz)


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