In November, deal flow dipped to its lowest level in nine months, according to the Mid-Market Conditions Index (MACI), a barometer created by Mergers & Acquisitions. (See related graphic.)

The biggest decline on the index was the Leads score, which fell nearly 10 points. While slow-downs in new business often occur at the end of the calendar year, deal completions often rise, but that was not the case in November. The score for Completed Deals dipped into contraction territory.

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