For the third month in a row, transaction pros reported a decline in overall deal flow, according to the Mid-Market M&A Conditions Index (MACI), a barometer created by Mergers & Acquisitions. (See related graphic.)

At 53.7, the composite Score for September is still in positive territory, indicating growth. But the drop from the 2015 high Composite Score of 57.9 in April – combined with three months of declines – provides on-going evidence that momentum is slowing in the middle market. For more, see Middle-Market M&A Continued Downward Trend in Third Quarter and Mid-Year Update: Is 2015 Frontloaded?

Respondents cited a wide range of long-term concerns at home and abroad, including the timing of a potential interest rate hike; the upcoming U.S. elections; volatile oil prices; China’s slowing economy; the Syrian refugee crisis and military conflicts throughout the world.

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 Middle-Market Momentum Stalled in August

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