Growth in the business sector
continues, due to an increase in private consumption
The difficulties in the
manufactories sector continue
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The
Melnick State of the Israeli Economy Index rose 0.2 percent in
October 2019. Business sector growth continues. The revenue in commerce and services,
reflecting domestic demand and especially private consumption, returned to the
upward trend that has characterized it over the past year. The upward trend
reflects the continued increase in private consumption that is leading to
economic growth. The industrial production index, which reflects the supply
side of the business sector, continues to progress without a clear trend,
reflecting the difficulties in industrial exports due to the slowdown in
activity in Europe and the strengthening of the shekel. The import index, which
reflects mainly imports of inputs for domestic production, rose two months in a
row, possibly breaking the more or less stable level of the past year. The
number of employee posts in the business sector continues to reflect strength
in the labor market.
The October
Melnick index components include: a 0.9% rise in the industrial production index
in September, after a 1.7% decline in August; an increase of 3.4% in revenue in
commerce and services in September, after a decrease of 3.9% in August; a 5.3%
rise in the import index in October, after a 5.0% rise in September; and a 0.6%
decline in the number of employee posts in the business sector in August,
following a 0.5% rise in July.
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