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M. Continuo

Manufacturing sector tumbles in December: ISM


    NEW YORK (Reuters) - Factory activity fell to a 28-year low in December, according to an industry report released on Friday that showed a more severe contraction in the sector than expected.

    The Institute for Supply Management said its index of national factory activity fell to 32.4 -- the lowest since 1980 -- from 36.2 in November.

    A reading below 50 indicates contraction in the sector.

    Economists had expected a reading of 35.5, according to the median of their forecasts in a Reuters poll. Their 69 forecasts ranged from 32.0 to 40.0.

    (Reporting by Burton Frierson, Editing by Chizu Nomiyama)