REFILES-N.Y. Fed manufacturing index dips in January

(Refiles to correct date in dateline)

NEW YORK, Jan 15 (Reuters) - Manufacturing activity in New York State factories dipped in January with the new order index hitting its lowest level since the mid-2005, New York Federal Reserve said on Tuesday.

The New York Fed's "Empire State" general business conditions index slipped to 9.03 in January from a downwardly revised 9.80 in December. Economists polled by Reuters had expected a January reading of 9.50.

The index on new orders tumbled to 0.04 this month from a 13.18 in December, while the reading on shipments fell to 15.84 from 20.39 last month.

The inventories component improved to minus 4.88 from minus 10.00 in December, while the prices paid component increased to 40.24 from 35.00 in December.

The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions. (Reporting by Richard Leong; Editing by Theodore d'Afflisio)