US manufacturing PMI slid to 58.7 in December from 61.1 in November, according to a report released by the Institute for Supply Management on Tuesday. With the bigger than expected decrease, the manufacturing PMI fell to its lowest level since a matching reading last January. The bigger than expected decrease by the headline index was partly due to a slowdown in the pace of growth in production, with the production index dropping to 59.2 in December from 61.5 in November. The new orders index also fell to 60.4 in December from 61.5 in November, indicating a modest slowdown in the pace of growth in new orders.
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