U.S. business equipment loans up 9% in November

According to the Equipment Leasing and Finance Association (ELFA), in November, American firms raised 9% more loans for equipment investments compared to the same period last year.

The total amount of new loans amounted to $8.6 billion. Last year, this figure was at the level of $7.9 billion.

Ralph Petta, ELFA’s CEO, said that the increase in interest rates, apparently, had almost no effect on the volume of loans issued in November.

Petta also added that the labor market is resilient, and inflation seems to be starting to ease, consumers are spending money, and companies continue to grow and expand staff.

The number of approved loans turned out to be slightly higher than the October value and reached 77.7%, according to ELFA data.

In December, ELFA expects to see the confidence index at the level of 45.9. In November, the index reached a value of 43.7. If the index is above the 50 mark, business prospects are positive. If the value is below 50, the outlook is negative.