The Jordan, Knauff & Company (JKC) Valve Stock Index was down 16.4 percent over the last twelve months, while the broader S&P 500 Index was up 9.5 percent. The JKC Pump Stock Index also decreased 18.2 percent for the same time period.1 The Institute for Supply Management's Purchasing Managers' Index (PMI) rose to 52.8 percent for the month of May compared to 51.5 percent in April. Positive segments of the report included a 2.3 percent rise in new orders, a 3.4 percent increase in employment and a 4.0 percent increase in order backlogs. The Prices Index registered 49.5 percent indicating lower raw materials prices for the seventh consecutive month. The survey highlighted continuing concerns over the price of the U.S. dollar and challenges affecting manufacturing related to the oil and gas industry.


