The Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index showed that overall new business volume for October was $7.7 billion, which was down 8% compared to the same month last year.

Volume was also down 8% from $8.4 billion compared to September. However, year to date, cumulative new business volume increased 3% compared to 2014.

“Performance in the equipment finance market was mixed in October: new business volume weakened somewhat—both in terms of the month- and year-earlier periods—while portfolio quality remained steady,” said William G. Sutton, ELFA president and CEO. “Some members report a softening in the demand side of the business and it remains to be seen whether and to what extent the specter of rising interest rates will impact the sector.”

Receivables over 30 days were 1%, down from 1.1% the previous month and down from 1.26% in the same period in 2014. Charge-offs were 0.27%, unchanged from the previous month.

Credit approvals totaled 80.1% in October, down slightly from 80.5% in September. Total headcount for equipment finance companies was up 5% year over year.

Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index for November is 60.2, an increase from the previous month’s index of 58.7.

“The markets continue to grow marginally year over year which is favorable. This points to a positive-leaning economy that also shows considerable inconsistency,” said Anthony Cracchiolo, president and CEO of U.S. Bank Equipment Finance. “Credit quality remains strong and at historical levels and the industry is well positioned for solid growth as the economy expands.”