Business sector growth
continues
Private consumption continues
to lead the growth of the business sector
The
Melnick State of the Israeli Economy Index rose by 0.2 percent in
August 2019. Business sector growth continues. Revenue in commerce and services,
reflecting domestic demand and especially private consumption, reflects
expansion, and private consumption appears to continue to lead the economy. The
industrial production index, which reflects the supply side of the business
sector, rose sharply, but it is too early to see this leap as a return to
continued growth of the industry. The import index, which reflects mainly
imports of domestic production, fell for two consecutive months and may signal
a slowdown in future activity. The number of employee posts in the business
sector did not change this month, and continues to reflect strength in the labor
market.
The August
Melnick index components include: a 5.5% rise in the industrial production index
in July, after a 0.6% decline in June; an increase of 0.7% in revenue of commerce
and services in July after an increase of 0.7% in June; a drop of 0.8% in the
import index in August, after a decline of 3.8% in July; and a no change in the
number of employee posts in the business sector in June, after a 0.5% decline
in May.
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