US manufacturing activity contracted at its sharpest pace for nearly 30 years in December, a closely watched survey suggested on Friday, underscoring the downward momentum in the economy at the turn of the year.
The Institute for Supply Managers survey index declined from 36.2 in November to 32.4, much worse than expected, while new orders and production measures hit their lowest level since the survey began in 1948.
The release of the figures coincided with manufacturing data that highlighted the synchronised decline in economic activity around the world.
http://www.ft.com/cms/s/0/c1952148-d8ff-11dd-ab5f-000077b07658.html
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