Israel: Manufacturing PMI rises in May
The Bank Hapoalim/IPLMA Manufacturing Purchasing Managers’ Index (PMI) came in at 50.2 in May, up from April’s 48.9. As a result, the index rose above the 50.0 no-change mark, signaling an improvement in manufacturing sector operating conditions from the previous month.
The reading was driven by stronger growth in local orders, and softer declines in employment and raw material purchases. In contrast, output contracted, while the decline in export orders deepened. Israel’s PMI still compares favorably to the readings of other developed markets such as the U.S. and EU.