The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25) showed their overall new business volume for April was $8.8 billion. This is up 11% year-over-year from new business volume in April 2018. Volume was up 7% month-to-month from $8.2 billion in March. Year to date, however, cumulative new business volume was down 5% compared to 2018.

“Second quarter new business volume starts off strongly,” said Ralph Petta, ELPA president and CEO in a press release. “Continued low interest rates, a strong labor market and solid economic fundamentals all contribute to healthy demand by U.S. businesses—both large and small—for financed assets to run their business operations.”

Receivables over 30 days were 1.50%, which is down from 1.90% the previous month and down from 2.40% the same period in 2018. Charge-offs were 0.32%, which was down from 0.37% the previous month.

The Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in May is 59.2, which is up from the April index of 58.3.

“The MLFI shows a strong improvement over last year and a large jump from March, but this followed lackluster growth in Q1 otherwise,” said Jennifer Coyle, executive director, Macquarie Group Ltd. “Confidence rose slightly, and the economy felt more stable. However, going into May with the looming trade war and rippling effects into various sectors in the economy, we expect that companies will defer asset acquisitions until stability returns. Overall economic conditions and low interest rates should provide some cushion.”

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