Manufacturing sector grew at slower pace in December
Tuesday, January 3rd 2006, 9:35 am
By: News On 6
NEW YORK (AP) _ The nation's manufacturing sector grew at a slower pace in December than in the previous month, a private research group said Tuesday.
The Institute for Supply Management said its manufacturing index was at 54.2 in December, down from November's 58.1.
A reading above 50 indicates the sector is expanding; below 50 indicates manufacturing activity is shrinking.
One of the ISM index's components, prices that manufacturers paid for goods, fell to 63 from November's 74. ISM's new orders index was 55.5, down from 59.8. New orders are a leading indicator, and a drop could portend a slowdown in production over coming months.
ISM's production index was at 57 in December, down from November's 60.6.