Israel: Manufacturing PMI records worst reading since March 2022 in August
The Bank Hapoalim/IPLMA Manufacturing Purchasing Managers’ Index (PMI) fell to 48.1 in August from July’s 48.3. August’s result marked the weakest reading since March 2022. As such, 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 three straight months.
Weaker readings regarding exports and local orders drove the downtick in the headline PMI figure, while readings for employment and output improved slightly. Exports remained the main weak spot for manufacturing firms, as local orders continued to grow in August, albeit at a more moderate pace than in July.