Dec 19 U.S. companies' borrowing to spend on
capital investment rose in November, the Equipment Leasing and
Finance Association (ELFA) said.
Companies signed up for $6.6 billion in new loans, leases
and lines of credit last month, up 3 percent from a year
earlier. Their borrowing fell 13 percent from October.
"Fiscal pressures seem to be dissipating with the U.S.
Congress agreeing on a two-year budget, which should ... provide
a measure of comfort to U.S. businesses trying to make planning
decisions for the coming year and beyond," ELFA Chief Executive
William Sutton said in a statement.
Washington-based ELFA, a trade association that reports
economic activity for the $827 billion equipment finance sector,
said credit approvals totaled 76.5 percent in November, down
from 77.6 percent in October.
ELFA's leasing and finance index measures the volume of
commercial equipment financed in the United States. It is
designed to complement the U.S. Commerce Department's durable
goods orders report, which it typically precedes by a few days.
ELFA's index is based on a survey of 25 members that include
Bank of America Corp, BB&T Corp, CIT Group Inc
and the financing affiliates or subsidiaries of
Caterpillar Inc, Deere & Co, Verizon
Communications Inc, Siemens AG, Canon Inc
and Volvo AB.
The Equipment Leasing & Finance Foundation, ELFA's
non-profit affiliate, said its confidence index fell to 55.8 in
December from 56.9 in November.
A reading of above 50 indicates a positive outlook.