The Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index showed overall new business volume for October was $8.4 billion, up 2% year-over-year from new business volume in October 2016. Volume was down 3% month-to-month from $8.7 billion in September. Year to date, cumulative new business volume was up 4% compared to 2016.

Receivables over 30 days were 1.40%, unchanged from the previous month and unchanged from the same period in 2016. Charge-offs were 0.41%, up from 0.40% the previous month, and up from 0.37% in the year-earlier period.

Credit approvals totaled 74.6% in October, up from 74% in September. Total headcount for equipment finance companies was up 17.1% year over year, largely attributable to continued acquisition activity at an MLFI reporting company.

Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index in November was 67.0, up from 63.7 in October.

ELFA President and CEO Ralph Petta said, “Equipment finance originations continue to grow, albeit slowly, as some sluggish market verticals show signs of rebounding. This trend, coupled with buoyed confidence in overall economic conditions, pave the way for a very healthy end-of-year bump.”

David C. Mirsky, CEO of Pacific Rim Capital, said, “Business confidence is very strong and building, despite the relatively flat growth of originations. This is because lessors are feeling mounting strength in the overall economy, evidenced by increasing requests for quotations and new orders being placed by lessees in every market segment. Pacific Rim Capital is extremely optimistic about the near future and has experienced a 7% improvement in its own originations compared to last year.”