Q4 2020 Year-Over-Year Revenue and Employment Growth Remain Negative, But Rates of Decline Slow

U.S. middle market companies—like all companies in the United States and around the world—have felt the brunt of the COVID-19 pandemic. Compared to one year ago, both gross revenues and employment have declined. Expansionary activity has slowed. Economic confidence remains below levels reported over the previous five year. And investment appetites are muted. Yet, many middle market executives believe the worst is behind them. Overall, the middle market expects a return to positive, albeit modest, growth in 2021, driven primarily by business, professional, and technology services organizations.

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4Q 2020