Middle-market dealmakers reported that the pace of growth in overall deal flow picked up again in July after a seasonal slowdown in June, 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 57.6 for July shows greater month-to-month expansion than the Composite score of 56.0 for June. The scores for Leads and Completed Deals also rose in July, although Signed Letters lagged.

The early-stage growth shown in most of the MACI scores for July suggests that the momentum in middle-market transactions that characterized the first half of 2014 may continue in the second half.

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

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