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"new low" is correct and usable in written English.
You can use it to express a decrease, such as in the sentence, "The stock market hit a new low today."
Exact(59)
New low?
"It's a new low.
That's a new low".
This is a new low point.
Rejected by a leech: a new low.
The euro fell to a new low.
On Thursday, they hit a new low.
My proposal, "The New Low," went nowhere.
That new low base is important.
This is a new low.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com