June 2020 Middle Market Monitor

In May, economic indicators improved, with a decrease in the unemployment rate and a continued upward trend in the public markets. The S&P 500 and Dow Jones Industrial Average posted gains of 4.5% and 4.3% respectively, steadily approaching levels from early March. Volatility in the public markets declined somewhat from high levels in April. The Consumer Price Index continued to decline in May while the Consumer Confidence Index held steady. M&A activity remained at depressed levels with the number of cross-border and LBO transactions increasing slightly from the lows experienced in April.