As some dealmakers went on vacation during the final weeks of summer, early-stage deal flow continued to expand but at a slower clip, accord­ing to the Mid-Market M&A Conditions Index (MACI), a barometer creat­ed by Mergers & Acquisitions and sponsored by PwC. (See related graphic.)

The Composite score of 57.1 for August shows less month-to-month ex­pansion than the Composite score of 57.6 for July. But while the score for Leads also dipped, the score for Signed Letters rose, suggesting that many M&A practitioners continued to push deals closer to closing, despite the lazy, hazy, crazy days of summer.

The MACI is a diffusion index. Readings above 50 indicate an expansion in M&A activity, and readings below 50 indicate an expansion in M&A activity, and readings below 50 indicate a contraction.

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