U.S. companies borrowed 9% more to finance their equipment investments in November from a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Tuesday.

The companies signed up for $8.6 billion in new loans, leases and lines of credit last month, compared with $7.9 billion a year earlier, according to ELFA. Borrowings were up nearly 6% from January.

"Rising interest rates seem to have little or no effect on origination volume in November," ELFA CEO Ralph Petta said in a statement.

"Labor markets are stable, inflation woes appear to be abating, consumers are spending, and businesses continue to expand and grow: a recipe for stable growth by providers of equipment financing," Petta added.

ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77.7%, slightly above the October level.

The Washington-based body'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 its financing affiliates, and units of Caterpillar Inc, Dell Technologies Inc, Siemens AG, Canon Inc and Volvo AB.

ELFA's non-profit affiliate, Equipment Leasing & Finance Foundation, said the confidence index in December stood at 45.9, compared with 43.7 in November. A reading above 50 indicates a positive business outlook.