The Monthly Leasing and Finance Index, which reports activity for the $650 billion equipment finance sector, showed month-to-month new business volume actually increased 24 percent from May to June.
The overall new business volume for June, however, declined by 37 percent when compared to the same period in 2008. For second quarter 2009, new business volume declined by 40.1 percent when compared to the same time in 2008.
“While year-over-year declines improved in June as compared to April and May, the second quarter showed greater weakness when compared to Q1 2009 and Q4 2008,” said Kenneth E. Bentsen, Jr., president of the Equipment Leasing and Finance Association.
Businesses continued to pull back from new investments while underwriting standards continued to tighten, he said. At the same time, confidence in the equipment finance market is down slightly, according to a monthly confidence index released by the trade association.
The latest Monthly Leasing and Finance Index, including methodology and participants is available online.
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