Brazilian manufacturing still contracting

BRASILIA, Brazil, Jan. 2 (UPI) -- A key manufacturing index, the Purchasing Manager's Index or PMI, showed business activity declined in Brazil in December, research firm Markit said.

With numbers below 50 indicating business shrinking, the PMI for the month came in at 49.1, Markit said.

While an improvement over November's 48.7 PMI reading, Markit said new orders for manufacturers fell for the ninth consecutive month in December. The backlog of orders shrank for the ninth consecutive month, as well.

In December's survey, 6 percent of responding businesses indicated they had reduced workforces in the month, while 2 percent indicated they had added to their payrolls, Markit said.