Deputy Seminar, Denver, CO

ISM’s “PMI” (Source: Institute of Supply Management)

25 30 35 40 45 50 55 60 65

Jul-01

Jul-04

Jul-07

Jul-10

Jul-13

Jul-16

Oct-00

Apr-02

Oct-03

Apr-05

Oct-06

Apr-08

Oct-09

Apr-11

Oct-12

Apr-14

Oct-15

Apr-17

Jan-00

Jan-03

Jan-06

Jan-09

Jan-12

Jan-15

Jan-18

CSBS - 2018 DEPUTY SEMINAR Denver, CO– July 16, 2018

Industrial Production

10% 15%

0% 5%

-25% -20% -15% -10% -5%

L12M

L6M

Jan-03

Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Sep-03

Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

May-04

May-06

May-08

May-10

May-12

May-14

May-16

CSBS - 2018 DEPUTY SEMINAR Denver, CO– July 16, 2018