e underlying trend with —4% FX drag that should fall to —1.5%. Figure 14: S&P Industrials ex. Defense sales growth vs. Core capital goods shipments & Mfg ISM -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% y/y growth was high single-digit y/y sales growth was low single-digit in 2014 when ISM was >