A key measure of manufacturing activity in the United States has reached its lowest level in 28 years. The Institute for Supply Management (ISM) reports that its monthly PMI index dropped to 32.4 in the month of December, down from November's reading of 36.2 and a larger decline than the average industry prediction of 35.5. According to the ISM, no industry sector saw growth for the month of December. The ISM also reports that its new orders index fell 22.7 percent, the lowest levels on record, dating back to 1948. The report is compiled based on data from purchasing and supply executives at various companies in the United States.