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Posted by Tasha Weiss on July 26, 2011 at 8:49 AM.
The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), released today, shows overall new business volume for June was $7.3 billion, up 33% from volume of $5.5 billion in the same period in 2010. Compared with May volume, June volume increased by 30%. Year to date, new business volume is up 28.5% over last year.
The MLFI-25 reports economic activity for the $521 billion equipment finance sector and reflects the volume of commercial equipment financed in the U.S. Based on data reported by participating ELFA member equipment finance companies, the MLFI-25 is a barometer of the trends in U.S. capital equipment investment. Five components are included in the survey: new business volume (originations), aging of receivables, charge-offs, credit approval ratios, (approved vs. submitted) and headcount for the equipment finance business.
ELFA says the report complements the durable goods report and other economic indexes, including the Institute for Supply Management Index, which reports economic activity in the manufacturing sector. Together with the MLFI-25 these reports provide a complete view of the status of productive assets in the U.S. economy, specifically, equipment produced, acquired and financed.
To read the full ELFA press release, click here.