Leasing volumes rise 17% for July: ELFA

NEW YORK (MarketWatch) -- Leasing activity among U.S. businesses in July was up slightly when compared to the prior month, according to data release Tuesday by the Equipment Leasing and Finance Association, reflecting a slow down in capital spending. For July, the trade group said new business volume rose 17% from a year ago to $5.6 billion, though that was a modest increase when compared to $5.5 billion in June. July was the fourth consecutive month of positive year-over-year growth, with credit approvals stabilizing at 70% versus June. In July of 2009, credit approvals were just 66%. "Financing demand appears to be picking up," said ELFA president William Sutton, in a statement. "It appears we're heading in the right direction and our members remain cautiously optimistic that this trend will continue."