U.S. companies borrowed 16 percent more in May to finance their investments in equipment compared to a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Thursday, as firms ramp up production to meet demand.
The companies signed up for $9.4 billion in new loans, leases, and lines of credit, compared with $8.1 billion a year earlier.
“The economy continues to provide jobs and corporate America, in general, reports strong balance sheets—all in the face of a waning health pandemic,” Ralph Petta, ELFA’s chief executive officer, said in a statement.
“Offsetting this good news is high inflation, creating havoc for many consumers, and continued supply chain disruptions and higher interest rates,” Petta added….