Manufacturing index hits 28-year low

TEMPE, Ariz., Jan. 2 (UPI) -- U.S. manufacturing activity declined for the fifth consecutive month in December, falling to a 28-year low, the Institute for Supply Management said Friday.

The Institutes' headline index, the Purchasing Managers Index, fell 3.8 points to 32.4, with exports falling 5.5 points to 35.5 and imports rising 1.5 points to 39.

New orders, a component index, contracted for the 13th straight month, falling to 22.7, the lowest reading since January 1948, ISM said.

The index uses 50 as a break-even point with figures above indicating growth and figures below indicating contraction.

Manufacturing employment declined 4.3 percent, reaching 29.9, the lowest reading since November 1982.

In the month, "there were no industries reporting growth in employment," the report said.

In addition, the prices index reached 18, the lowest for the index since June 1949.

The decline in manufacturing "covers the full breadth of manufacturing industries, as none in the sector report(ed) growth," in the month, said Norbert Ore, chair of the Institute for Supply Management Manufacturing Business Survey Committee.