Indicating a notable slowdown in the pace of growth in U.S. manufacturing activity in the month of December, the Institute for Supply Management released a report on Thursday showing a much bigger than expected drop by its index of activity in the manufacturing sector.
Source: www.rttnews.com
The Institute for Supply Management (ISM) released December’s purchasing manager’s index (PMI) which tumbled to 54.1 after rising to 59.3 in November. Economists had estimated a moderate drop at 57.9. This drop indicates a slowdown in the pace of growth in U.S. manufacturing activity for the month of December. The decrease was attributed to a slowdown in demand as new orders index plunged to 51.1 in December from 62.1 in November. The production index also fell to 54.3 in December from 60.6 in November, while the employment index fell to 56.2 from 58.4.
