New business volume for the year is currently up 6% compared to 2016, according to the latest monthly leasing and finance index (MLFI-25) data from the Equipment Leasing and Finance Association (ELFA).

The research also showed a 13% year-on-year increase in July.

Receivables over 30 days were 1.4%, up from 1.3% the previous month and up from 1.3% in the same period in 2016. Charge-offs were 0.35%, down from 0.38% the previous month, and down from 0.38% in the year-earlier period.

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.

Ralph Petta, ELFA president and CEO, 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.”