The Jordan, Knauff & Company (JKC) Valve Stock Index was down 21.5 percent over the last 12 months, while the broader S&P 500 Index was up 4.5 percent. The JKC Pump Stock Index also decreased 22.4 percent for the same time period.1 The Institute for Supply Management's Purchasing Managers' Index (PMI) rose to 53.5 percent for the month of June compared with 52.8 percent in May. The Employment Index rose 3.8 percent to 55.5 percent for the month, while the New Orders Index grew to 56 percent from 55.8 percent in May. The overall PMI has averaged 52.6 percent through the first half of the year, less than the average of 56.9 percent seen in the second half of 2014. The Production Index averaged 61.6 percent in the second half of last year while averaging only 54.8 percent during the first quarter of this year.


