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Manufacturing in New York shrinks for fourth straight month on weak orders, less hiring

Factory activity in New York state contracted for the fourth straight month in November, as a strong dollar and slow overseas growth continued to drag down manufacturers.

The New York Federal Reserve's Empire State manufacturing index edged up slightly to minus 10.7, from minus 11.4 in October. Still, any figure below zero indicates contraction.

The survey found that factories cut jobs for the third straight month. New orders also fell, though at a slower pace.

U.S. manufacturers have been hammered this year by a slowdown in China, the world's second-largest economy, weak growth in Europe and a stronger dollar, which makes U.S. goods pricier overseas. Falling oil prices have also cut into orders for steel pipe and other drilling equipment.