July 23 (Reuters) - Borrowings by U.S. companies for capital
investments rose about 17% in June from a year earlier, the
Equipment Leasing and Finance Association (ELFA) said on Friday.
The companies signed up for $10.4 billion in new loans,
leases and lines of credit last month, up from $8.9 billion a
year earlier. Borrowings rose 28% from the previous month.
"Despite slower-than-desired vaccinations in certain parts
of the U.S, consumer spending is accelerating, markets remain
strong and unemployment continues to slowly abate, all of which
are contributing to a strong economy," ELFA Chief Executive
Officer Ralph Petta said.
He said these trends serve as a good indication for the
equipment finance sector as it moves into the second half of
Washington-based ELFA, which reports economic activity for
the nearly $1-trillion equipment finance sector, said credit
approvals totaled 76.7%, down from 77.4% in May.
ELFA's leasing and finance index measures the volume of
commercial equipment financed in the United States.
The index is based on a survey of 25 members, including Bank
of America Corp, CIT Group Inc and the financing
affiliates or units of Caterpillar Inc, Dell
Technologies Inc, Siemens AG, Canon Inc and
The Equipment Leasing and Finance Foundation, ELFA's
non-profit affiliate, reported a monthly confidence index of
72.9 in July, up from 71.3 in June.
A reading above 50 indicates a positive business outlook.
(Reporting by Ashwini Raj in Bengaluru; Editing by Devika