Manufacturing Down Again.

Manufacturing activity fell to its lowest level in nearly a decade, raising further questions about the health of the U.S. economy.

Economists said the December numbers from the National Association of Purchasing Management could have been one factor on the Federal Reserve's decision last week to cut interest rates.

The NAPM said its purchasing index dropped to 43.7 percent in December, down from the 47.7 percent it reported in November. The December reading was significantly lower than the 47.0 reading analysts had anticipated. A purchasing managers' index above 50 signifies growth in manufacturing, while a figure below 50 means contraction.

The December figure marks the lowest level since it recorded 42.9 percent in April 1991.