Despite strong consumer confidence, PC softens modestly

ISRAEL - Report 02 Apr 2018 by Jonathan Katz

The labor market remains tight, with unemployment at 3.8% in February. The Poalim confidence index reached a record level in March but private consumption indicators point to some modest slowing of domestic demand. This could be due in part to increasing e-commerce and travel abroad. While this trend is supportive of a low inflationary environment, we have revised our inflation forecast slightly, to 0.8% NTM from 0.7%, due to recent shekel weakness and higher energy prices.

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