JPMorgan US Value Equity Off-shore Fund - JP Morgan Asset ...
JPMorgan US Value Equity Off-shore Fund - JP Morgan Asset ...
JPMorgan US Value Equity Off-shore Fund - JP Morgan Asset ...
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We see increasing signs of recovery in cyclical sectorsLight Vehicle SalesMillions, seasonally adjusted annual rate24222018161412108Housing StartsThousands, seasonally adjusted annual rate2,4002,0001,6001,2008004000Average: 15.2'94 '96 '98 '00 '02 '04 '06 '08 '10 '12Average: 1,380Feb. 2013:15.3Feb. 2013:917Change in Private InventoriesBillions of 2005 dollars, seasonally adjusted annual rate$1504Q12: 13.3$100$50$0$-50Average: 28.7$-100$-150$-200'95 '00 '05 '10Real Capital Goods OrdersNon-defense capital goods orders ex. aircraft, <strong>US</strong>D bn, seasonally adjusted$75$70Feb. 2013:$65$60Average: 57.257.6$55$50$45$40'95 '00 '05 '10Source: (Top left) BEA, FactSet, J.P. <strong>Morgan</strong> <strong>Asset</strong> Management. (Top right) Census Bureau, FactSet, J.P. <strong>Morgan</strong> <strong>Asset</strong> Management. (Bottom left) Census Bureau,FactSet, J.P. <strong>Morgan</strong> <strong>Asset</strong> Management. (Bottom right) Census Bureau, FactSet, J.P. <strong>Morgan</strong> <strong>Asset</strong> Management.Capital goods orders deflated using the producer price index for capital goods.Data are as of 3/31/13.'00 '02 '04 '06 '08 '10 '1212
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