07/18/2024 | Press release | Distributed by Public on 07/18/2024 06:00
Washington, DC, July 18, 2024 -The Equipment Leasing & Finance Foundation (the Foundation) releases the July 2024 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) today. Overall, confidence in the equipment finance market is 50.7, steady with the May and June MCIs of 50.7 and 50.2, respectively. The index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $1 trillion equipment finance sector.
When asked about the outlook for the future, MCI-EFI survey respondent Lyndon Thompson, President, Byline Financial Group, said, "Companies are falling behind on capex, but the need for replacement is necessary, despite rising costs and increased financing expenses. Upgrades are essential for growth and to stay competitive, though it's unlikely costs will decrease in the foreseeable future."
July 2024 Survey Results:
The overall MCI-EFI is 50.7, steady with the June index of 50.2.
July 2024 MCI-EFI Survey Comments from Industry Executive Leadership:
Bank, Small Ticket
"The current environment in small ticket equipment leasing is testing business models. Some will demonstrate a strong resilience and others will illustrate portfolio performance issues. Either way, times of stress strengthen business practices and make our industry stronger in the long run. I am confident that the equipment leasing and finance industry will become stronger and adapt to continue to meet the needs of our customers in new ways." David Normandin, President and Chief Executive Officer, Wintrust Specialty Finance
Independent, Small Ticket
"My main concern is the Fed will remain stubbornly restrictive and overshoot sticking to a 2% inflation mandate. Very little makes me optimistic, with the impending election most likely causing a stalemate." Mark Bonanno, President and Chief Operating Officer, North Mill Equipment Finance
"Inflation (higher than acceptable), high interest rates, and robust federal government spending continue to put a drag on the economy." James D. Jenks, CEO, Global Finance and Leasing Services, LLC
How may I access the MCI-EFI?
Survey results are posted on the Foundation website, https://www.leasefoundation.org/industry-resources/monthly-confidence-index/. Details about the MCI, including who participates, how it's designed, and the survey respondent demographics are also available at the link above.
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ABOUT THE FOUNDATION
The Equipment Leasing & Finance Foundation is a 501c3 non-profit organization that propels the equipment finance sector-and its people-forward through industry-specific knowledge, intelligence, and student talent development programs that contribute to industry innovation, individual careers, and the advancement of the equipment leasing and finance industry. The Foundation is funded through charitable individual and corporate donations. Learn more at www.leasefoundation.org
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