ISM: Manufacturing PMI advanced to 59.7 in December

"Economic activity in the manufacturing sector expanded in December, and the overall economy grew for the 103rd consecutive month," the Institue for Supply Management (ISM) reported on Wednesday.

Key quotes

The December PMI registered 59.7 percent, an increase of 1.5 percentage points from the November reading of 58.2 percent.

The New Orders Index registered 69.4 percent, an increase of 5.4 percentage points from the November reading of 64 percent.

The Production Index registered 65.8 percent, a 1.9 percentage point increase compared to the November reading of 63.9 percent.

The Employment Index registered 57 percent, a decrease of 2.7 percentage points from the November reading of 59.7 percent.

The Supplier Deliveries Index registered 57.9 percent, a 1.4 percentage point increase from the November reading of 56.5 percent.

The Inventories Index registered 48.5 percent, an increase of 1.5 percentage points from the November reading of 47 percent.

The Prices Index registered 69 percent in December, a 3.5 percentage point increase from the November reading of 65.5 percent, indicating higher raw materials prices for the 22nd consecutive month.