According to a report posted today on IndustryWeek.com, results of the “Manufacturers Alliance/MAPI Survey on the Business Outlook” suggest continued expansion of U.S. manufacturing activity, but it also shows the pace of expansion may be slowing.

The December 2010 composite index fell slightly to 75% from 77% in the September 2010 report, reported IndustryWeek. This is the fifth consecutive quarter the index has been above the 50% threshold, the dividing line that separates contraction and expansion.

However, the current index is a “dramatic improvement from the record low 21% recorded in the March 2009 survey, signaling that an impressive turnaround for industry continues.”