The Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index (MLFI-25) showed overall new business volume for January was $6.0 billion, down 12% year-over-year and 52% month-over-month.

Volume was $12.5 billion in December, following the typical end-of-quarter, end-of-year spike in new business activity.

“With annual volume down slightly and credit quality mixed, January MLFI-25 metrics mirror the volatility we are seeing in the equity markets both here and abroad,” said ELFA President and CEO Ralph Petta. “After a small bump, interest rates are in a holding pattern due to some concern by the Fed over the strength and stability of the U.S. economy. Despite favorable signs in the labor and housing markets, business confidence appears somewhat shaky, translating to uneven capex in certain verticals and equipment finance sectors.”

Receivables over 30 days were 1.3%, up from 1.1% the previous month and up from 1.1% in the same period in 2015. Charge-offs were 0.26%, down from 0.41% the previous month.

Credit approvals totaled 78% in January, down from 80.2% in December. Total headcount for equipment finance companies was up 4.6% year-over-year.

Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) for February is 48.3, with uncertainty on various fronts cited for the decrease from the January index of 54.0.

“While January is always a difficult month to gauge trends, due to the strong seasonality of our industry, January’s data reported the continuation of strong credit metrics, which we all have enjoyed for some time now,” said Marc Paulhus, president of Citizens Asset Finance. “Volume, though down relative to January last year, was fairly consistent relative to the past two years and approval levels were also in line with 2015 overall, despite the recent volatility in the stock market and concerns in the oil and gas sector, demonstrating the resiliency typical of our industry.”