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Economic conditions in New York continued to deteriorate in November, with a survey of regional manufacturers coming in at its weakest level in its seven-year history.

 

The general business conditions index, a part of the Federal Reserve Bank’s manufacturing survey, slipped to a reading of minus 25.4 in November from minus 24.6 in October. But the reading was better than analysts had expected.

 

The prices paid index fell for the fourth month in a row, tumbling more than 11 points to 20.5, its lowest level in nearly five years. The prices received index declined nearly 15 points to a reading of 6 for the month.

 

New York's labor market weakened further in November. Employee headcount plummeted more than 25 points to minus 28.9, its lowest level since 2001.

 

The state faces a $12.5 billion deficit next year, and Governor David Paterson called the legislature into session this week to decide on cutbacks.

 

In a sign of the challenges facing the state's economy, New York City-based Citigroup said it planned to cut more than 50,000 jobs.

 

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