The Jordan, Knauff & Company (JKC) Valve Stock Index was down 2.6 percent over the last 12 months, while the broader S&P 500 Index was up 10.9 percent. The JKC Pump Stock Index fell 2.4 percent for the same period.1 The Institute for Supply Management’s Purchasing Managers’ Index (PMI) registered 52.8 percent in April, a decrease of 2.5 percentage points from the March reading, signaling the slowest pace of growth in two and a half years. The drop can mostly be traced to two components: employment, which dropped to 52.4 percent from 57.5 percent, and new orders, which fell 5.7 percentage points to 51.7. The fall of new orders points to a weakening in domestic demand and continued anemic growth overseas. Export orders fell into contraction territory for the first time since February 2016, declining to 49.5 percent.


