Nov 22 U.S. companies' borrowing to spend on
capital investment was unchanged in October, the Equipment
Leasing and Finance Association (ELFA) said.
Companies signed up for $7.6 billion in new loans, leases
and lines of credit last month, unchanged from a year earlier.
Their borrowing fell 1 percent from September.
"We remain cautiously optimistic that business demand for
capital equipment will continue unabated into the fourth
quarter, which is a typically strong period for the industry,"
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 77.6 percent in October, up
slightly from 77.3 percent in September.
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 rose to 56.9 in
November from 54.0 in October.
A reading of above 50 indicates a positive outlook.