continuing an up-and-down year that has seen three months of declining volume and four of increases. Mega agency transaction volume has not experienced more than two consecutive months trending in either direction since the first quarter of 2011. Including American Express, BCD Travel, Carlson Wagonlit Travel, Egencia, HRG and Omega World Travel, mega agencies last month had an aggregate transaction volume decrease that was slightly more than the 0.15 percent decline
that ARC reported for all U.S. agencies.