The May 2023 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) dipped to 40.6, down from the April index of 47.0 and the lowest reading since 2021, according to the Equipment Leasing & Finance Foundation.
None of the executives responding said that they believe business conditions will improve over the next four months, a decrease from 11.1 percent in April. Half (48.2 percent) said business conditions will worsen, an increase from 18.5 % in April.
“Until we get back to energy independence, I don’t see an uptick in the economy in the foreseeable future,” said James D. Jenks, CEO, Global Finance and Leasing Services, in a statement.
Four of 10 respondents (42.9 percent) expect demand for leases and loans to decline over the next four months, up from 25.9% in April.
None of the respondents evaluated the current U.S. economy as “excellent,” unchanged from the previous month, and 14.3 percent called it “poor,” an increase from 11.1 percent last month.
Only 3.6 percent of the survey respondents said that U.S. economic conditions will be “better” over the next six months, a decrease from 7.4 percent in April. Two-thirds (64.3 percent) said economic conditions in the U.S. will worsen over the next six months, an increase from 44.4 percent the previous month.
None of the executives responding said that they believe business conditions will improve over the next four months, a decrease from 11.1 percent in April. About half (48.2 percent) expect business conditions to worsen, uo from 18.5 percent in April.
Source: Equipment Leasing & Finance Foundation
