The troubled U.S. economy has led to a slowdown in manufacturing. Manufacturing activity hit the lowest reading in 28 years as new orders and employment continue to decline.
The Institute for Supply Management, a trade group of purchasing executives, said Friday its manufacturing index fell to 32.4 in December from 36.2 in November. Wall Street economists surveyed by Thomson Reuters had expected the reading to fall to 35.5.
Component readings of the index hit historic lows. New orders fell to their lowest level on records going back to 1948. Prices fell, too. The number of respondents saying they had paid more in December than in November sank to its lowest monthly reading since 1949.
Source: MSNBC.com, U.S. Manufacturing Weakest in 28 Years