Chart of the Month
The manufacturing recovery is broadening out beyond energy because tax reform allows full expensing of capital investments.
1Purchasing Managers Index (PMI) is an indicator that measures economic health. A reading above 50 signals expansion from the current growth rate and a reading below 50 signals contraction from the current growth rate.
2PMI through November 2017, industrial production through October 2017 | Sources: Haver, ISM
Stat of the Month
Source: Ned Davis Research, 1/18. Stock performance is measured by the S&P 500 Index, a market capitalization-weighted price index composed of 500 widely held common stocks.