2Q 2019 Middle Market Indicator Reports 8.5% Revenue Growth

Halfway through 2019, growth in the middle market is decidedly strong. Year-over-year revenue growth remains high at an 8.5% rate, with more than three-quarters of firms (77%) reporting gains over the past 12 months. The employment growth rate picked up to 6.4%, following a slight slowdown over the past two quarters. However, leaders appear particularly apprehensive about the next three months: Fewer companies expect the business climate to improve next quarter, driving the Short Term Middle Market Index down significantly.

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2Q 2019
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Spotlight on Organic and Inorganic Growth

We isolated companies that had not engaged in M&A in the previous year and compared their growth during that period to that of the total sample. Nearly half the growth difference evaporates when we look at organic growth alone.

Perspective

2Q MMI Perspectives From the Center

President Harry Truman supposedly joked that he wanted to find a one-handed economist, because “All my economists say, ‘On the one hand,’ then ‘but on the other.’” People looking for clear economic signals from the middle market are likely to be as frustrated as Truman was.

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