U.S. manufacturing grew at a healthy pace in December as factories increased hiring and received more orders, an industry group reported Thursday, suggesting solid growth at the end of the year. The Institute for Supply Management (ISM) said its index of manufacturing activity fell to 57 last month from 57.3 in November. Despite the decline, the December reading is the second-highest in more than two years. In the index, any reading above 50 indicates expansion in the manufacturing sector. A measure of new orders rose to its highest level since April 2010, and a measure of hiring increased to its highest since June 2011. Production and a measure of manufacturers' inventories fell. The ISM index grew for six consecutive months through November, as Americans are purchasing more cars and homes, both of which fuel factory output. Many homebuyers are increasing spending on furniture, appliances, and electronics, while companies are buying more heavy machinery and other equipment.
