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Source: BEA, FactSet, J.P. Morgan Asset Management. Expansion average refers to the period starting in the third quarter of 2009 Goods exports, 2017.Source: FactSet, MSCI, Standard & Poor's, J.P. Morgan Asset Management; Returns shown are calendar year returns from 1980 to 2017, over which time Source: FactSet, Russell Investment Group, Standard & Poor's, J.P. Morgan Asset Management. All calculations are cumulative total return, including dividends The J.P. Morgan Guide to the Markets illustrates a comprehensive array of market and economic histories, trends and statistics through clear charts and Source: S&P Global, J.P. Morgan Asset Management. The Global Purchasing Managers' Index (PMI) for manufacturing assesses the economic health of the.