The Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index showed overall new business volume for November was $6.4 billion, up 5% year-over-year.

Volume was down 22% month-to-month from $8.2 billion in October. Year-to-date, cumulative new business volume decreased 2% compared to 2015.

Receivables over 30 days were 1.30%, down from 1.40% the previous month and up from 1.10% in the same period in 2015. Charge-offs were 0.40%, up from 0.37% the previous month.

Credit approvals totaled 76.0% in November, down from 77.3% in October.

Total headcount for equipment finance companies was up 4.7% year-over-year.

Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index for December is 67.5, a sharp increase from the November index of 54.6.

“While down from the past couple months, new business volume for November is still holding up well going into the final business month of the year,” said Ralph Petta, president and CEO of the ELFA. “With the elections now behind us, many business people, economists, analysts, business writers and others express varying degrees of optimism about the economy in the months ahead. Projections of higher-than-expected economic growth in 2017, continued low unemployment and an uptick in inflation have caused the Fed finally to increase interest rates 25 basis points at its December meeting, with guidance for another 75 [basis points] before the end of 2017. Recent reports of forthcoming policy decisions by the new Trump administration and Congress—reforming the tax code, easing regulatory compliance requirements and the potential for infrastructure investment, for example—could be the ingredients necessary to boost U.S. economic performance. These policy considerations together with a renewed enthusiasm by business owners to invest in plant and equipment could be very good news for the equipment finance sector.”

Frank J. Campagna, group vice president and line of business manager of M&T Bank Commercial Equipment Finance, said, “Our 2016 business remained embedded in the commercial bank’s regional business strategy supporting clients in a seven state region. Year over year, we have seen an 11% increase in volume. We have also grown silos in the rail, marine and renewable energy sectors that have a broader geographic reach and provide significant tax and like-kind exchange benefits to the bank. Looking forward, additional rate hikes should allow us to be paid more rationally for risk associated with credit and term. We are seeing a favorable shift in capex planning for 2017 pointing to pent-up demand, especially in the energy and transportation sectors. We do not see a return to prior levels in the near term, but see opportunity nonetheless.”