Manufacturing Activity Grows at Slower Rate in December
The Institute for Supply Management reported Jan. 2 a December reading of 57 in its manufacturing index, a modest dip from November’s figure but still the second-biggest expansion in more than two years.
November’s reading of 57.3 was the highest since April 2011.
Before the December decline, the ISM index had increased six straight months, the longest stretch since the first 10 months of 2009, Bloomberg News reported.
Figures of more than 50 indicate expansion, and figures below that level show contraction.
The index exceeded economists’ median forecast of a 56.8 reading, Bloomberg reported.
ISM’s monthly factory index measures manufacturing components of the economy.
