Hungary's seasonally-adjusted Purchasing Managers Index (PMI) fell to 48.9 in December from 52.3 in November, slipping under the 50 threshold between contraction and expansion, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said on Wednesday. Including December, the PMI reflected a contraction of the manufacturing industry in five months of last year, and the index value was the second lowest in 2012. With two exceptions, all sub-indices calculated by Halpim indicated a contraction in December. Among the sub-indices that comprise the PMI, the production volume index dropped below the 50 threshold after rising in the previous seven months. Its value was the second lowest December value in the past 17 years. The new orders index "fell more sharply". The sub-index showed a dropping stock of new orders in six months last year.