The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $1 trillion equipment finance sector, showed their overall new business volume for July was $7.9 billion, up 13% year-over-year from new business volume in July 2016.

Volume was down 19% month-to-month from $9.8 billion in June. Year to date, cumulative new business volume was up 6% compared to 2016.

Credit approvals totaled 76% in July, relatively unchanged from 75.9% in June. Total headcount for equipment finance companies was up 15.3% year over year, largely attributable to continued acquisition activity at an MLFI reporting company.

Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) for August is 64.4, up from 63.5 the previous two months.

ELFA President and Chief Executive Officer Ralph Petta said: “The second half of the year gets off to a strong start, with double digit, year-over-year growth. Business fundamentals appear solid, with low unemployment, continued low interest rates and an active equities market buoying the economy. With a number of difficult public policy decisions on the horizon, all eyes will be on Washington in the coming months to glean whether this benign economic condition continues.”