Melnick State of the Economy Index Declined by 0.7% in May

The recession in the economy deepens.
All index's components decline.

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The Melnick State of the Economy Index declined by 0.7 percent in May 2009. The recession in the economy deepens – the continued decline trend in the index , indicates that the business sector GDP change, in the second quarter of 2009, is expected to be negative. This month has seen all index components decline. The Industrial Production Index reflects mainly the supply of the business sector; the Revenue in Commerce and Services Index reflects the demand; The Imports Index reflects the import for domestic production; And the number of employee posts in the business sector reflects a continuing decrease in labor demand in the business sector.
The components of the May Index include: a decrease of 0.5% in the Industrial Production Index in April, after decrease of 2.3% in March; a decrease of 2.9% in the revenue in commerce and services in April, after an increase of 3.2% in March; a decrease of 4.1% in the Imports Index in May, after a decrease of 2.2% in April, and a decrease of 0.5% in the number of employee posts in the business sector in March, after a decrease of 0.2% in February.

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