Israel: Business conditions in Israel’s manufacturing sector improve strongly in July
The Purchasing Managers’ Index (PMI)—produced by Bank Hapoalim in conjunction with the Israeli Purchasing & Logistics Managers Association (IPLMA)—jumped to 58.0 points in July from 52.6 points in June. As a result, the index moved further above the crucial 50-point threshold that separates expansion from contraction in the manufacturing sector.
July’s print reflected a strong rise in new orders, with both foreign and domestic demand picking up. In addition, output growth accelerated. However, despite increasing demand levels, employment growth softened slightly in July, while stocks of finished goods dropped. In terms of price pressures, raw material price inflation picked up in July.