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Today, the Equipment Leasing and Finance Association (ELFA) released its Monthly Leasing and Finance Index for July. The index reports economic activity for the $521 billion equipment finance sector.

Overall new business last month totaled $5.7 billion, up 2 percent compared with July 2010. However, new business volume decreased 22 percent compared with June 2011. Year to date, new business volume is up 24 percent compared with 2010.

Credit standards tightened in July, ELFA said, as the number of lease applications approved decreased from 78.7 percent in June to 76.3 percent in July. Fifty-nine percent of participating organizations reported submitting more transactions for approval during the month, down from 63 percent in June.

Meanwhile, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index for August is 50.0, down 11 percent from the July index of 56.2. The decline reflects “apparent industry reaction to U.S. economic conditions and federal government fiscal management and policies,” ELFA officials said in a prepared statement.