The Purchasing Managers’ Index (PMI) in the manufacturing sector issued by the Institute for Supply Management (ISM) recorded a decline in growth in December, reaching 48.4 points, down by 0.6 points, compared to November’s reading of 49.0, the lowest reading for the index since May 2020, while it was expected to decline to 48.5 points.

In the details, the new orders index recorded a growth of 45.2 points, two points less than November’s reading (47.2), to remain in the contraction zone, while the production index declined by about 3.0 points to reach 48.5, and the price index fell to 39.4.