New business levels in the US leasing market for February 2014 grew 15% year-on-year growth of 15%, but fell 10% fall from January levels, according to the Equipment Leasing and Finance Association (ELFA).

The data, contained in the ELFA’s Monthly Leasing and Finance Index (MLFI – 25), showed overall business volume for February was $5.4bn (€3.9bn), making the year-to-date business volume 8% up on the previous year’s figure.

The MLFI-25 index reflects the volume of commercial equipment financed in the US’s $827bn equipment finance sector.

William Sutton, ELFA president and chief executive officer, said: "This month’s increase in financing activity reflects a strengthening economy evidenced by a resilient housing market trying to return to pre-recession levels, moderate GDP growth and an improving jobs picture."

He added it was too early to say whether growth in the first two months of 2014 would be sustained through the year, "particularly as Fed policy begins to push up long-term interest rates and geopolitical headwinds emerge anew in Eastern Europe".

Credit approvals also fell from 76.9% in January to 75.3%, and 53% of organisations participating in the formulation of the Index reported submitting more transactions for approval during February, down from 54% in the previous month.

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The monthly confidence index for March 2014, conducted by the Equipment Leasing & Finance Foundation, has been put at 65.1, its highest value in two years and 1.8 points higher than February levels,