The Institute for Supply Management’s purchasing managers’ index for US manufacturing decelerated to a reading of 55.5 in December from November’s reading of 58.7. December’s reading is the lowest since June, but any reading above 50 typically indicates growth.

However, MarketWatch reported economists expected a reading of 57.

The employment portion of the ISM’s manufacturing index increased to a reading of 56.8 from 54.9 in November.

Meanwhile, the Royal Bank of Canada’s Canadian manufacturing purchasing managers’ index decelerated to a reading of 53.9 in December, down from November’s reading of 55.3. This suggests operating conditions improved but at a slightly weaker rate. The average PMI reading for the fourth quarter of 54.8 was the joint-best since the third quarter of 2011.

The RBC PMI is a monthly survey conducted in association with Markit, a financial information services company, and the Supply Chain Management Association. It is based on data compiled from monthly replies to questionnaires sent to purchasing executives in more than 400 industrial companies.