The Jordan, Knauff & Company (JKC) Valve Stock Index was up 17.6 percent over the last 12 months, while the broader S&P 500 Index was up 13.7 percent. The JKC Pump Stock Index increased 4.9 percent for the same time period.1 The Institute for Supply Management’s Purchasing Managers’ Index (PMI) decreased from 60.2 percent in June to 58.1 percent in July, the lowest reading since April. The New Orders Index fell 3.3 percent to 60.2 and the Production Index fell 3.8 percent to 58.5 percent. Tariffs are still a concern for respondents to the PMI with one executive replying, “We have already seen steel prices increase due to the threat of tariffs and are seeing kickback from our customers due to the higher prices.” Another issue for manufacturers is recruiting skilled workers.


