The intersection of economic indicators and HSR transaction trends offers essential insights for professionals navigating mergers and acquisitions (M&A). This report analyzes the most recent data on HSR filings, U.S. economic performance, and its implications for eDiscovery, cybersecurity, and information governance. Drawing on reports from the U.S. Bureau of Economic Analysis (BEA) and the Premerger Notification Office, this analysis outlines the impacts on industry practices and strategies.
Recent HSR Transaction Trends and Yearly Overview
HSR Filing Data Recent HSR transaction data indicate fluctuating activity over recent fiscal years:
- 2020: 1,637 filings
- 2021: A sharp rise to 3,520 filings, driven by post-pandemic recovery efforts.
- 2022: A slight decrease to 3,152 filings.
- 2023: A notable decline to 1,805 filings, reflecting macroeconomic challenges.
- 2024: An increase to 2,079 filings, signaling a rebound in M&A activity.
- 2025 (October FY): 192 filings, suggesting a strong start to the fiscal year.
This resurgence from 2023 to 2024, and continued momentum in 2025, aligns with economic conditions that have fostered renewed corporate activity and strategic M&A growth.
Economic Indicators and Their Influence on HSR Transactions
Economic Context According to the BEA, the U.S. economy grew at an annualized rate of 2.8% in Q3 2024, a slight decrease from 3.0% in Q2 (Source: U.S. Bureau of Economic Analysis, Gross Domestic Product, Third Quarter 2024). This growth, supported by consumer spending and increased federal government expenditures, indicates a robust environment for M&A activity. The increase in personal income by $71.6 billion (0.3%) in September 2024 further signals consumer resilience, laying a foundation for corporate confidence and expansion (Source: U.S. Bureau of Economic Analysis, Personal Income and Outlays, September 2024).
Trade and Cross-Border Data Management The goods and services deficit rose to $84.4 billion in September 2024, up from $70.8 billion in August (Source: U.S. Bureau of Economic Analysis, U.S. International Trade in Goods and Services, September 2024). This widening deficit, driven by increased imports and decreased exports, underscores the importance of understanding cross-border data flow regulations, especially as they relate to M&A activities that involve international operations. Such transactions require complex eDiscovery processes to manage data compliance across jurisdictions.
Transaction Charts
Taken from the latest published Hart-Scott-Rodino (HSR) Premerger Notification monthly transactions as shared by the Federal Trade Commission (FTC) and augmented by released annual reports, the following transaction charts may be useful for law firms, legal departments, and legal service providers seeking to understand the real-time pulse rate of Hart-Scott-Rodino Act mandated transaction reviews. As these reviews may lead to Second Requests, the charts may also be useful as a baseline for considering provider assertions regarding the depth, breadth, and volume of their Second Request support for this unique type of eDiscovery during specific time frames.
Chart 1: HSR Act Annual Transactions Reported in Fiscal Years 2000 – 2025*/**
HSR Act Merger Transactions Reported - October 2024Chart 2: Monthly HSR Act Transactions Reported in the Fiscal Year 2025 (October-September)*
HSR Act Merger Transactions Reported - FY 2025 - October FY 2025Chart 3: Monthly HSR Act Transactions Reported in the Fiscal Year 2024 (October-September)*
HSR Act Merger Transactions Reported - FY 2024 - October 2024Chart 4: Monthly HSR Act Transactions Reported in the Fiscal Year 2023 (October-September)**
HSR Act Merger Transactions Reported - FY 2023 - October 2024*Monthly Real-Time Reporting – First Report is October 2019 (Monthly Running Report)
**Based on Annual Reporting as Represented in Final Annual HSR Transaction Reports.
News Sources
- Premerger Notification Program | Federal Trade Commission (ftc.gov)
- Gross Domestic Product, Third Quarter 2024 (Advance Estimate) | U.S. Bureau of Economic Analysis (BEA)
- Personal Income and Outlays, September 2024 | U.S. Bureau of Economic Analysis (BEA)
- U.S. International Trade in Goods and Services, September 2024 | U.S. Bureau of Economic Analysis (BEA)
Assisted by GAI and LLM Technologies
SOURCE: HaystackID
