ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 75.3%, down from 76.1% in June. Washington-based ELFA's leasing and finance index measures the volume of commercial equipment financed in the United States. The index is based on a survey of 25 members, including Bank of America Corp and financing affiliates or units of Caterpillar Inc, Dell Technologies Inc, Siemens AG, Canon Inc and Volvo AB. "Rising interest rate environments will slow consumer spending. Cheap money notes that begin to expire will be replaced by more expensive money, and new investments will be reduced," said Craig Ault, Honour Capital's chief revenue officer. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in August stood at 50.4, an increase from 46.4 in July. A reading above 50 indicates a positive business outlook.