 | Israel PMI jumps to 68.8 in November |
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Port2port News Service Dec 21, 2009
The overall PMI is at an all-time high. The PMI had hit a low of 28.5 last January.
Israel's purchasing managers index (PMI) jumped to 68.8 in November from 60.4 in October, Bank Hapoalim and the Israeli Purchasing Managers Association said on Wednesday. It was the sixth consecutive month that the index was over 50%, the dividing line between economic expansion and contraction, indicating expectations of expansion of manufacturing activity.
The overall PMI is at an all-time high. The only month showing a similar level was August, the report said. The PMI had hit a low of 28.5 last January.
Bank Hapoalim and the Israel Purchasing and Logistics Managers Association’s compile the monthly index. Most of the index's components rose in November, including employment, which reached 71.8%. Raw materials inventory and procurement for inventory crossed the 50% threshold to 52.4% in response to growth in both domestic and foreign demand.
JPMorgan Global Services PMI. Produced by JPMorgan and Markit Purchasing Managers' Index (PMI) dropped in November by 0.8% to 53.6%.
Bank Hapoalim noted that: "The jump in the index reflects expectations of increased demand. This was also reflected in active increases in inventory of raw materials, indicating intentions to increase production.
The level of the Israeli Procurement Managers Index is higher than the global average, and this should be taken as a hint on the strength of growth in these months”.
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