Economic activity in the U.S. manufacturing sector slowed further in December, the Institute for Supply Management reported Friday. The institute's key purchasing managers' index for manufacturing had a reading of 32.4 in December, down from 36.2 in November. Readings of more than 50 indicate expansion.

"Manufacturing activity continued to decline at a rapid rate during the month of December," said Norbert Ore, chair of the institute's manufacturing business survey committee. "The decline covers the full breadth of manufacturing industries, as none of the industries in the sector report growth at this time."