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.
New orders and shipments improved in the latest report, but remained close to their recent record lows.
The future general business conditions however, improved marginally, rising 6 points to 19.5.
The future components for both prices paid and prices received held just above zero, while future employment components remained just below zero.
The technology spending component fell to a new low of minus 12.8, while capital spending stayed close to the previous month's record low at minus 10.6. 
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