Israel PMI November 2023

Israel: Manufacturing PMI records worst reading since January 2022 in November

The Bank Hapoalim/IPLMA Manufacturing Purchasing Managers’ Index (PMI) came in at 47.1 in November, down from October’s 47.6. November’s result marked the weakest reading since January 2022. Consequently, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in manufacturing sector operating conditions compared to the previous month. The PMI has now been below 50.0 for six consecutive months.

Worse readings regarding exports, employment and output drove the headline PMI deterioration, in no small part due to the ongoing war straining activity. Nevertheless, the conflict has boosted defense and military manufacturing, likely preventing a steeper deterioration of the index.

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