M&A pros polled in January reported the lowest deal flow in six months, according to the Mid-Market M&A Conditions Index (MACI), a barometer created by Mergers & Acquisitions and sponsored by PwC. (See related graphic.)

The MACI is a diffusion index, derived from monthly surveys of approximately 250 executives. Readings above 50 indicate an expansion in M&A activity, and readings below 50 indicate a contraction. The MACI Composite score dipped slightly to 52.0, down from 54.5 in December 2014.

Early-stage index components Leads and Signed Letters were also lower. While January is often a slow month for M&A, this is the third month in a row to decline from October’s high, raising some doubts about the rosy forecast for 2015.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.