In another sign that 2015 may be frontloaded, the volume and value of completed middle-market transactions in July dropped below the level seen in June, according to data from Thomson Reuters. (See related graphic.)

While completed deals for the first six months of the year suggested that 2015 was performing essentially on par with 2014, the July data drags the year-to-date numbers down. With seven months of data tallied, 2015 has delivered only 1,321 completed transactions valued at $164.2 billion, compared with 1,364 completed transactions valued at $184.2 billion in the first seven months of 2014.

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