The Houston Purchasing Managers Index held steady at 54.6, the same reading as November. Sales enjoyed a modest bounce, after falling to their lowest level in two years. But December also a brought a steep fall in purchases, as well as a more modest decline in employment.

“I think it has to do with end of year.”

Mike Valant is business survey chair with the Institute of Supply Management — Houston.

“Kind of like, ‘What happens to the economy, and what happens with all the controlling factors?’ It’s like a wait-and-see situation, I believe.”

The PMI indicates likely shifts in production three or four months in advance. It has a range of 0 to 100, with readings over 50 pointing to near term production gains.