June 24 (Reuters) - U.S. companies borrowed 3.7% less to finance equipment investments in May compared with the same period a year ago, the Equipment Leasing and Finance Association said on Tuesday.
"The slow bite of tariffs may still emerge this summer, and conflict abroad could impact energy prices and supply chains," ELFA CEO Leigh Lytle said.
Volumes for small-ticket deals sequentially surged 17.8% during the month, rebounding sharply from an 18.3% decline in April and marking the fifth straight month of double-digit swings.
The Washington-based trade association, which monitors economic activity in an equipment sector valued at over $1 trillion, reported that the credit approval rate in May slightly declined to 77%, down from 77.4% in April.
The ELFA CapEx Finance Index of leasing and finance activity is based on a 25-member survey, including Bank of America BAC.N and the financing units of Caterpillar CAT.N , Dell Technologies DELL.N, Siemens AG SIEGn.DE, Canon7751.T and Volvo AB VOLVb.ST.
ELFA's non-profit affiliate, the Equipment Leasing & Finance Foundation, sees a rise in its June confidence index to 58.2, up from 44.5 in April, signaling a positive business outlook, as a reading over 50 indicates optimism.
(Reporting by Apratim Sarkar; Editing by Mohammed Safi Shamsi)
((Apratim.Sarkar@thomsonreuters.com;))
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