UPDATE 1-NY Fed says factory growth slows from 5-year high

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NEW YORK Nov 16 (Reuters) - A barometer of manufacturing in New York State fell in November, suggesting factory activity moderating for the first time in four months, the New York Federal Reserve said in a report on Monday.

The New York Fed's "Empire State" general business conditions index fell to 23.51 in November from 34.57 in October, which had been a five-year high.

Economists polled by Reuters had expected a reading of 30.0 in November.

The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions.

The moderation in growth was broad-based, fueling concerns that a key driver in the current U.S. economic recovery has hit a speed-bump.

The component on new orders -- a proxy for future activity -- fell nearly by half to 16.66, while the employment index fell to 1.32 from 10.39 in October. See [ID:nNYS007536]

The pullback in growth put less pressure on prices manufacturers said they paid this month. The prices paid index fell to 10.53 from October's 19.48.

Despite less optimism on current conditions, the survey's six-month outlook index advanced to 57.00, a level not seen since October 2004.

(Reporting by Richard Leong, Editing by Chizu Nomiyama)