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.

Survey participants expressed uncertainty about the economy and the upcoming elections. For more on upcoming elections, see With 2016 Election Looming, Politicians will Target Carried Interest.

 Derived from monthly surveys of approximately 250 executives, the MACI is a diffusion index. Readings above 50 indicate an expansion in M&A activity, and readings below 50 show a contraction.

For the previous edition of the MACI, see Leads for New Deals Soared in October, but Closed Transactions Continued to Fall

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