U.S. companies’ borrowing to spend on capital investments rose 18% in September from a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Tuesday.
The companies signed up for $10 billion in new loans, leases and lines of credit last month, up from $8.5 billion a year earlier. Borrowings rose 9% from the previous month.
“Consumer spending continues to fuel the economy, notwithstanding signs of caution and concern raised by some over the impact of trade frictions with China, a pull-back in the U.S. manufacturing sector and recent geopolitical events in Syria, Hong Kong and elsewhere,” ELFA Chief Executive Officer Ralph Petta said in a statement.
Washington-based ELFA, which reports economic activity for the $1 trillion equipment finance sector, said credit approvals totaled 76.3%, down from 76.6% in August.
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