The Jordan, Knauff & Company (JKC) Valve Stock Index was down 22.1 percent over the last 12 months, while the broader S&P 500 Index was up 3.0 percent. The JKC Pump Stock Index also decreased 16.8 percent for the same time period.1 The Institute for Supply Management's Purchasing Managers' Index (PMI) fell slightly to 50.1 percent for the month of October compared with a reading of 50.2 percent in September. A PMI above 50 signals factory sector expansion, while a number below 50 signals contraction. The New Orders Index increased to 52.9 percent from 50.1 percent, while the Production Index increased 1.1 percentage points to 52.9 percent. The Employment Index declined to 47.6 percent from 50.5 percent in September, the lowest level for this measure of factory employment since 2009.


