March 26 (Reuters) - U.S. companies borrowed more to buy equipment in February than a year ago, though less than in January, and spent mostly for new technology and aging goods replacement, the Equipment Leasing and Finance Association said on Monday.
Where spending is on the rise, most of it appears to be focused on technology to improve productivity, the group's Chief Executive William Sutton said in an interview.
Caution about events spanning from Europe's economy to the U.S. presidential election and oil prices is holding many businesses back from materially stepping up equipment investment for expansion rather than for replacement.
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