US new business volume was down 12% year-on-year in April at $7.3bn (€6.5bn), according to the monthly index of the US Equipment Leasing and Finance Association (ELFA).

New business volume decreased by 10% compared to March. Year to date, cumulative new business volume decreased 10% compared to the same period in 2015.

Late payments over 30 days stood at 1.2%, while write-offs were 0.3%, down from 0.5% the previous month.

Credit approvals totalled 78.2% in April, up from 77.7% in March. Total headcount for equipment finance companies was up 0.6% year-on-year.

ELFA president and chief executive officer Ralph Petta said: "With April data showing declining originations, mixed portfolio quality, and a lower level of confidence by equipment finance executives, it appears that political uncertainty joins economic uncertainty as one of the reasons businesses are holding off investing in capital equipment at this time. Sluggish activity to begin the second quarter seems to have continued the relatively soft Q1, both in terms of overall equipment finance industry performance and economic activity."