The ELFA’s monthly leasing and finance index showed overall new business volume for August was $7.7 billion, up 12% year-over-year, 10% month-over-month, but still down 6% year-to-date.

Receivables over 30 days were 1.3%, unchanged from the previous month and up from 0.99% in the same period in 2015. Charge-offs were 0.44%, up from 0.38% the previous month.

Credit approvals totaled 76.9% in August, up from 75.9% in July. Total headcount for equipment finance companies was up 3.3% year-over-year.

Separately, the Equipment Leasing & Finance Foundation’s monthly confidence index for September is 53.8, a decrease from the August index of 54.8.

“August data are mixed, with new business volume strengthening when compared both to the same period last year and last month. However, year to date volume still lags behind,” said Ralph Petta, ELFA president and CEO. “Credit quality continues to show some softness, with charge offs and delinquencies inching upward. Taking together the Fed’s September decision to stay pat on interest rates, and the approaching presidential election, the sector continues to give no clear indication about where it’s headed.”

“Although our industry has seen overall levels of contraction in new business volume, the August 2016 MLFI-25 results show positive momentum. Economic and political uncertainties notwithstanding, the fundamentals of our economy remain strong along with favorable drivers for capital equipment investment, such as low interest rates and tax incentives,” said Anthony Sasso, president of TD Equipment Finance. “From an industry perspective, the August MLFI data is encouraging and a hopeful sign of positive trends for the balance of the year.”