Israel: Manufacturing PMI improves in July
The Bank Hapoalim/IPLMA Manufacturing Purchasing Managers’ Index (PMI) rose to 57.6 in July from June’s 53.4. July’s result marked the best reading since September 2021. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in business conditions in the private sector compared to the previous month.
The headline print largely reflected faster growth in job creation, output and purchasing activity. Moreover, export orders rebounded. Israel’s manufacturing sector is trending in the opposite direction to that of other advanced economies which are seeing slowdowns, likely aided by relatively mild energy prices in Israel.