Israel PMI November 2022

Israel: Manufacturing PMI records worst reading since March in November

The Bank Hapoalim/IPLMA Manufacturing Purchasing Managers Index (PMI) fell to 49.0 in November from October’s 53.6. November’s result marked the worst performance since March. Consequently, the index dropped below the 50.0 no-change threshold, signaling a deterioration in manufacturing sector operating conditions from the previous month.

The headline print reflected contractions in employment and output, an ongoing downturn in exports and slower local orders growth. The data could be a sign that tighter monetary policy and slower goods demand abroad are weighing on Israeli industrial activity, although given past historical volatility in the index it is still premature to judge if this marks the start of a persistent downward trend.

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