NEW YORK (CNN/Money) - Manufacturing activity picked up in December, according to a closely watched report Monday that came in close to forecasts on Wall Street.

The Institute of Supply Management said its index of manufacturing activity rose to 58.6 from 57.8 in November. Economists surveyed by Briefing.com had forecast an increase to 58.5.

A number above 50 indicates growth in manufacturing, so this reading marked the 19th straight month of expansion in the sector.

Many of the components that make up the ISM index also showed improvement. The new orders index, for example, jumped to 67.4 from 61.5.

But the employment index dipped to 52.7 from 57.6 in November. Those reporting more employees slipped to 19 percent from 20 percent in November, while those reporting fewer employees rose to 14 percent from 9 percent the previous month.

Still, this marked the 14th consecutive month of employment growth in manufacturing, following a 37-month period of declining employment in the sector.

Prices paid by manufacturers came in at 72.0, down from 74.0 a month earlier.