PMI level continues to point to expansion of manufacturing activity
PMI stays above 50-point level in April
Israel's purchasing managers' index slips by one point to 50.8 for its second straight decline, but remains above level that separates manufacturing expansion from contraction
Israel's purchasing managers' index (PMI) slipped by one point to 50.8 points in April for its second straight decline but it remained above the 50-point level that separates manufacturing expansion from contraction.
The PMI in February moved above 50 points for the first time since last May, reaching 53.6 points.
"The index's level continues to point to an expansion of manufacturing activity although it is close to the border that separates expansion from contraction," the report said, noting that export demand indicated expansion while local demand and employment pointed to a contraction.
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.
