Overall deal flow in August hit its lowest point since February, according to the Mid-Market M&A Conditions Index (MACI), a barometer created by Mergers & Acquisitions. (See related graphic.) Leads declined for the third month in a row, and Completed Deals dropped nearly 6 points.

While some of the slowdown may be attributed to summer vacations, keep in mind that July was one of the strongest months of 2014. (Note: Dealmakers were polled prior to the stock market volatility that began on Aug. 24.) For more, see 2014 Best Year for Middle-Market M&A Since 2007.

Sponsored by PwC, 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 show a contraction.

For the previous edition of the MACI, see Deal Flow Grew in July, but the Pace was Flat.

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