New York business index hits low

Fed survey of manufacturers show sharp growth in unfilled orders.

NEW YORK (CNNMoney.com) — A survey of manufacturers in New York state hit a record low this month, paced by an increase in unfilled orders.

The Federal Reserve Bank of New York said Monday that its index for general business conditions slipped to minus 25.8 from minus 25.43 in November, the lowest reading since the bank began compiling data for the survey in 2001.

The report’s unfilled orders component reached a record low of minus 27.7, down 4 points from the prior month. more

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