November 2023 Middle Market Monitor

Mirus is pleased to share our thoughts on recent market activity. Economic indicators were mixed in October as the U.S. economy continued to deal with inflation, recession fears, high interest rates, and geopolitical tensions. The Consumer Price Index remained flat showing that the Federal Reserve’s actions are beginning to take effect. The unemployment rate also remained flat, the Consumer Confidence Index declined, and the National Home Price Index rose. The public markets declined with the S&P 500 falling 2.2% in October, bringing it to a 9.2% gain year-to-date. Total middle market M&A activity increased, while cross-border transactions and leveraged buyouts decreased, on a month-over-month basis.