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U.S. business borrowing for equipment falls 24 percent in February: ELFA

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Last month, companies signed up for new loans, leases and lines of credit for $ 5.9 billion against $ 7.7 billion a year ago. The fall was 18 percent compared with the previous month.

"The monthly volume of new business declined for the first time in almost two years ... The fundamentals of the US economy seem to be holding on,” said ELFA Executive Director Ralph Pett.

"As the Fed keeps interest rates unchanged, these and other economic data will be monitored in the coming months to better understand the fall in equipment financing in February."

Washington-based ELFA, a trade association that reports economic activity in the equipment financing sector worth $ 1 trillion, reported that the number of loans approved in February was 76 percent, compared to 76.1 percent in the previous month.

US business borrowing data was based on a survey among 25 members, including Bank of America Corp., BB & T Corp., CIT Group Inc. and financial subsidiaries Caterpillar Inc., Deere & Co, Verizon Communications Inc., Siemens AG, Canon Inc. and Volvo AB. ,

The equipment and finance leasing fund, a non-profit subsidiary of ELFA, said that the March confidence index is 60.4 against 56.7 in February. Any reading above 50 indicates a positive outlook.


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