November PMI rises 6.1 points to 43.7 - Israel Business, Ynetnews

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Industrial activity declining Photo: Shai Rosenzweig
Industrial activity declining Photo: Shai Rosenzweig

November PMI rises 6.1 points to 43.7

Israel's purchasing managers' index remains well below 50-point level that separates manufacturing expansion from contraction

Published: 12.20.12, 06:48 / Israel Business

Israel's purchasing managers' index (PMI) rose 6.1 points to 43.7 points in November but remained well below the 50-point level that separates manufacturing expansion from contraction.


The PMI has been below 50 points for six months.


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"Most of the components of the index recorded a rise (last) month but they are still under 50 points," the report said this week. "Industrial activity excluding the high-tech sector has been declining for the past year while industrial exports have shown significant weakness and even a drop in many industrial sectors.


"The manufacturing industry is highly sensitive to developments in the world and in light of relatively low global growth estimates and a recession in Europe, it is likely that the sector will not grow significantly in 2013 as well."


The PMI had jumped to 53.2 points in April, crossing the 50-point threshold for the first time since last October, but the index then fell for four straight months to a three-year low in August. It bounced 2.8 points in September before slipping in October.


The PMI index, compiled by Bank Hapoalim and the Israeli Purchasing Managers' Association, had reached a high of 59.1 in December 2010.



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