The Equipment Leasing & Finance Foundation’s (ELFF) November Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) is at a three-year high sitting at 67.5, suggesting a significant leap in confidence in the finance sector since the October index of 61.8.

This is the highest the index, which is a qualitative assessment of “prevailing business conditions and expectations for the future as reported by key executives”, has been since August 2021. The MCI-EFI is compiled from the responses of around 30 senior executives from banks and financial institutions. 

When asked to assess their conditions over the coming four months, 43.3% of respondents say they believe conditions will improve - up from 37.9% in October; a further 50% believe conditions will remain the same (down from October’s 51.7%) and; 6.7% believe conditions will deteriorate.

None of the executives surveyed rank the US economy as “excellent” as opposed to 6.9% believing it was in October.

Notably, 60% of respondents say they believe US economic conditions will get “better” in the next six months, a huge increase on the October figure of 37.9%.

Survey respondent Mark Bonanno, president and COO with North Mill Equipment Finance, says: “I’m still concerned about the state of the consumer and the US from a debt-load perspective, but more optimistic on growth after the US election cycle.”

Global Finance and Leasing Services CEO James D. Jenks is even more optimistic.

“The election is over,” he states. “Looking forward, Trump's policies will improve the economy and begin reducing government over-regulation.”