The Jordan, Knauff & Company (JKC) VALVES Stock Index was down 12.5 percent for 2011, well below the broader S&P 500 Index, down only 1.1 percent. The JKC Pump Stock Index was also down 19.2 percent. Both indices kept pace with the S&P 500 during the beginning of the year and then fell behind during the last five months of 2011.

The U.S. manufacturing sector continues to record modest gains. The Institute for Supply Management