RSM US Middle Market Business Index 

Middle Market Business Index captures severe shocks to economy

May 15, 2020

To better track the impact of COVID-19 on middle market business sentiment, RSM is measuring and reporting the MMBI monthly during the pandemic.  Find the monthly updates here:

MARCH (04.13.20)      APRIL (05.11.20)

The shocks that cascaded through the American economy due to the COVID-19 pandemic struck a blow to the heart of the real economy in April. Middle market business conditions suffered significant declines, sending the proprietary Q2 RSM US Middle Market Business Index to a historical low of 88.4 in the April monthly reading, from 109.8 in March. These monthly readings show the depth of the pandemic’s impact on the middle market, when compared to the first quarter final reading of 131.4, as the combination of self-imposed social distancing by the public and shelter-in-place guidance from federal, state and local governments effectively shut down the economy.

Download the full report for more detail as well as additional commentary on the pandemic's impact on middle market business. Also, subscribe to receive quarterly updates by email. Below is a snapshot of the MMBI Q2 2020 top findings: 

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About the RSM US Middle Market Business Index

RSM US LLP and The Harris Poll collect business outlook data from middle market firms via quarterly surveys of the Middle Market Leadership Council survey panel. The panel consists of 700 middle market executives and is designed to accurately reflect conditions in the middle market. A reading above 100 for the RSM US Middle Market Business Index (MMBI) indicates that the middle market is generally expanding; below 100 indicates that it is generally contracting. The distance from 100 is indicative of the strength of the expansion or contraction. The MMBI was created in 2015 and is the original business index focused on the U.S. middle market.  

RSM US LLP and The Harris Poll have collected data on middle market firms from quarterly surveys that began in the first quarter of 2015. The survey is conducted four times a year, in the first month of each quarter: January, April, July and October. The survey panel, the Middle Market Leadership Council, consists of 700 middle market executives, and is designed to accurately reflect conditions in the middle market.

The data for each quarter are weighted to ensure that they correspond to the U.S. Census Bureau data on the basis of industry representation. A reading above 100 for the MMBI indicates that the middle market is generally expanding; below 100 indicates that it is generally contracting. The distance from 100 is indicative of the strength of the expansion or contraction. Read more about how the index is constructed.