NEW YORK, Nov 17 (Reuters) - A key manufacturing gauge in New York State tumbled in November to yet another record low, the New York Federal Reserve said on Monday, as the credit crisis tightened its grip over the economy. The New York Fed's "Empire State" general business conditions index fell to minus 25.43 from minus 24.62 in October. That was the lowest since the inception of the index in July 2001. Economists polled by Reuters had expected a reading of minus 26.10. Their 56 forecasts ranged from minus 40.0 to minus 14.00. The report was generally bleak. The New York Fed said its indexes for new orders and shipments slid to record lows, while the measures for unfilled orders, employment, and inventories all slipped to their lowest levels since late 2001. As with many reports recently, the one silver lining was that inflation measures fell, which should give the Federal Reserve leeway to continue holding interest rates low as it fights the effects of the worst financial crisis in 80 years. The prices paid index fell for the fourth straight month, and the prices received index tumbled to its lowest level in more than three years, the report said. The New York Fed's survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions. (Reporting by Burton Frierson; Editing by Theodore d'Afflisio)

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