Economy

Trucking Wages Jumped in 2021 as Labor Shortages, Supply Chain Issues Increased Demand

According to American Trucking Associations’ 2022 driver compensation study, wages for American truckers rose significantly in 2021 as demand for drivers amid the ongoing driver shortage increased competition for talent. read more

Small Business Loan Approval Rates Rise at Small Banks, Dip at Larger Institutions in July

According to Biz2Credit’s latest Small Business Lending Index, small business loan approval percentages at small banks rose from 21.1% in June to 21.2% in July, while approvals at big banks (more than $10 billion in assets) dipped from 15.4% in June to 15.3% in July. read more

ACT Research Reports Preliminary Class 8 Net Orders Decline in July

According to a preliminary data in a recent ACT Research report, North American Class 8 net orders in July were 11,400 units, while Classes 5-7 net orders were 13,500 units. read more

ISM: Economic Activity in Hospital Subsector Grows in July

According to the latest Hospital ISM Report on Business from the Institute for Supply Management, economic activity in the hospital subsector grew in July for the 26th consecutive month. read more

July Commercial Chapter 11 Filings Down 13% Y/Y

According to data provided by Epiq Bankruptcy, a provider of U.S. bankruptcy filing data, there were 212 commercial Chapter 11 filings registered in July 2022, a decrease of 13% from the 245 filings in July 2021. read more

TopMark Funding Increases Amount Funded by 30% in Q2/22

TopMark Funding, a funding destination for commercial vehicle dealerships and small to mid-sized fleets, marked another company-record-breaking quarter in Q2/22 that included a 30% increase in the amount funded compared with Q1/22. read more

Global Commercial Lending Market to Grow at CAGR of 14.4% Through 2028

The global commercial lending market is estimated to register a revenue of $27,406.6 billion by 2028, growing at a healthy CAGR of 14.4% during the forecast period of 2021 to 2028, according to a new report from Research Dive. read more

ACT Research: Used Class 8 Retail Volumes Increase in June

June used Class 8 retail volumes (same dealer sales) were 1% higher month over month according to ACT Research. Longer term, volumes dropped 44% year over year and were 34% lower year to date. read more

Federal Reserve Boosts Federal Funds Rate for Fourth Time in 2022

On Wednesday, the Federal Reserve announced it will raise the federal funds rate to a range between 2.25% to 2.5%, marking a 0.75% jump and its fourth increase this year. read more

ELFA: June New Business Volume Down 1% Y/Y, Up 10% M/M

According to the Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index (MLFI-25), overall new business volume for June was $10.3 billion, down 1% year over year from June 2021 and up 10% from $9.4 billion in May. read more

ACT Research Reports More Capacity and Less Volume in June

According to the latest release of ACT Research’s for-hire trucking index, volume and pricing is down, with capacity still on the high side, resulting in a lower supply-demand balance in June. read more

ELFF: Equipment Finance Industry Confidence Falls in July

According to the Equipment Leasing & Finance Foundation’s July 2022 Monthly Confidence Index for the Equipment Finance Industry, overall confidence in the equipment finance market is 46.1, a decrease from the June index of 50.9. read more

ELFF Lowers Projection for U.S. Economic Growth in Latest Industry Snapshot

According to the Q3 2022 Equipment Leasing & Finance Industry Snapshot from the Equipment Leasing & Finance Foundation, the U.S. economy will grow by 1.6% in 2022, a marked slowdown from the foundation’s previous estimates. read more

ACT Research: Interest Rate Hikes, Inflation and Supply Chain Disruptions Continue to Be Key Trends

According to ACT Research’s latest State of the Industry: NA Classes 5-8 report, surging inflation, the Fed hiking interest rates into a potential recession and supply chain disruptions remain overarching themes. read more

ELFF Forecasts 5.9% Growth in 2022 Equipment and Software Investment

The 22 Equipment Leasing & Finance U.S. Economic Outlook, released by the Equipment Leasing & Finance Foundation, forecasted equipment and software investment growth of 5.9% in 2022, while annualized GDP growth is expected to slow to 1.6% this year. read more

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