The Melnick State of the Economy Index Declined by 0.6% in March

The Index indicates ongoing negative trends in the economy
The decline in import of inputs of production and in domestic demand continues

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The Melnick State of the Economy Index declined by 0.6 percent in March 2009. March’s Index indicates a continuation of the negative economic activity trend with a deepening recession. This month's index was influenced by a decline in the import of raw materials for domestic production, reflecting the recession in economic activity, due to our total dependence on imports of inputs for domestic production. Moreover, we see a decrease in revenue in commerce and services, indicative of a decline in domestic demand, especially in private consumption. The Industrial production index shows stability at low levels of activity.

The components of the March Index include: increase of 0.1% in the Industrial production index in February, after an decrease of 1.4% in January; a decrease of 0.5% in the revenue in commerce and services in February, after no change in January; a decrease of 1.3% in the Imports Index in March, after an decrease of 6.8% in February, and a decrease of 1.3% in the number of employee posts in the business sector in January, after a decrease of 0.8% in December.

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