ISM Manufacturing Index Contracts in December

The Institute for Supply Management’s manufacturing index contracted in December, ISM said Wednesday.

ISM’s factory index fell to 47.7 from a 50.8 reading in November, the group said. Readings above 50 indicate expansion.

The level was the lowest since April 2003 and was well below economists’ forecasts of a decline to 50.5, Bloomberg reported.

The survey’s production index fell 4.6 points to 47.3, while the new orders index plunged 6.9 to a 45.7 reading.

The factory sector is one of trucking’s largest and most important customers.