Feb 25 U.S. companies borrowed more in January
to spend on capital investment, the Equipment Leasing and
Finance Association (ELFA) said.
Companies signed up for $6 billion in new loans, leases and
lines of credit last month, up 2 percent from a year earlier,
but fell 44 percent from December, according to data from the
"With fiscal pressures in Washington subsiding ... and most
major U.S. economic indicators showing positive signs, we are
hopeful that these factors will help promote a favorable climate
for continued investment in 2014 and beyond," ELFA Chief
Executive William Sutton said.
Washington-based ELFA, a trade association that reports
economic activity for the $827 billion equipment finance sector,
said credit approvals totaled 76.9 percent in January, down from
78.3 percent in December.
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 63.3 in
January from 64.9 in December. January's reading was the
second-highest in two years.
A reading of above 50 indicates a positive outlook.