Middle-market dealmakers polled in June reported month-to-month increases in overall deal flow, but the rate of growth decelerated from May, 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 56.0 for June shows expansion, but the rate was slower than in May, when the Composite score was 57.9. April produced a Composite score of 61.3, the highest point since the index launched in October 2013. The MACI is a diffusion index. Readings above 50 indicate an expansion in M&A activity, and readings below 50 indicate a contraction.

At the start of summer, June often proves a challenging month for M&A. In 2013, June produced a mere 128 completed middle-market transactions, the lowest deal volume for the year, according to Thomson Reuters.

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