Despite cheap money the US economy continues to wobble as we enter the second half of 2008, impacting middle-market M&A deals directly.

In March non-farm payrolls fell for a third straight month and the unemployment rate rose. US construction and manufacturing also took big hits, accounting for March decline in payrolls. Business activity has also slowed but personal spending continues a steady, if lesser, pace. On the plus side, the housing market, which accounted for a 1% loss of GDP is showing signs of stabilizing. And bank write-downs, as a result of CDOs, finally seem to be coming to an end.

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