January PMI jumps to near 50-point level - Israel Business, Ynetnews

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'Significant improvement in employment and export orders'
'Significant improvement in employment and export orders' 

January PMI jumps to near 50-point level

Purchasing managers' index rises 5.2 points to 49.3 points, just below level that separates manufacturing expansion from contraction

Published: 02.25.13, 06:37 / Israel Business

Israel's purchasing managers' index (PMI) rose 5.2 points to 49.3 points in January, just below the 50-point level that separates manufacturing expansion from contraction.


The PMI has been below 50 for eight months.


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"Most of the components of the index rose last month and crossed above the 50-point mark," the report said, citing significant improvement in employment and export orders.


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.


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


The PMI hit a low of 28.5 in January 2009.


Israel's economy grew 3.2% in 2012 and is expected to grow 2.8% in 2013, excluding natural gas production.


The Bank of Israel has cited the low level of the PMI as one reason for lowering short-term interest rates in recent months.



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