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Survey Based Measures <br />40 <br />45 <br />50 <br />55 <br />60 <br />65 <br />70 <br />Institute of Supply Management (ISM) Surveys <br />ISM Manufacturing ISM Services <br />EXPANDING <br />CONTRACTING <br />The Institute for Supply Management (ISM)Manufacturing index moved higher to 47.4 in December from 46.7 in November due to <br />improved performance as suppliers are better able to meet lower demand levels. However,this marks the 14th consecutive month of <br />contraction in factory activity below a reading of 50.The ISM Services Index unexpectedly declined to 50.6 in December from 52.7 in <br />November,narrowly remaining in the expansion zone above 50.Notably,the employment component of the index plummeted by 7.4 <br />points to 43.3,entering contractionary territory.This decline was primarily driven by increased layoffs and a softening in consumer <br />demand. <br />Source: Institute for Supply Management <br />9