PMI declines in December

ISRAEL - In Brief 18 Jan 2022 by Jonathan Katz
The PMI declined by 2.5 points in December to 47.8, reflecting a contraction in activity for the first time in four months.The main component which declined sharply was the production output component, and this could be due to spiking Covid infections keeping some workers at home. The domestic orders component declined slightly but continues to reflect expansion while the export orders component improved slightly. The employment component remains robust at 58.1. Prices of raw materials increased slightly to an elevated level of 76.9.The PMI in Israel can be volatile and even problematic in our eyes. The CBS business survey was more optimistic regarding manufacturing. The new Omicron wave is having an impact on activity but the BoI expects this wave to be relatively short with a minimal impact on the economy. If this is true, we are still expecting a rate hike on April 11th.

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