March 2023 Middle Market Monitor

Economic indicators were down in February as the U.S. economy continues to deal with high inflation, recession fears, rising interest rates, and geopolitical tensions. The Consumer Price Index increased, and the Consumer Confidence Index declined, while the unemployment rate rose over the month. The public markets saw a loss with the S&P 500 declining 3.6% in February. Total middle market M&A activity, along with cross-border transactions and leveraged buyouts, decreased on a month-over-month basis.