The PMI declines sharply

ISRAEL - In Brief 21 Feb 2022 by Jonathan Katz
The PMI declined in January by 4.9 points to 42.9, with both the domestic and export orders declining sharply (by over 7 points) to reflect contraction. The employment component fell by 18 points. Activity in January was influenced by the Omicron wave, but nevertheless, this sharp decline in all components is surprising, although the PMI in Israel tends to be rather volatile. The raw material price component rose sharply, suggesting that input price pressure is still prevalent. The PMI is not a major factor in monetary decisions (due to its volatility), and we still expect a rate hike on April 11th. We note that the CBS business survey was fairly robust in January and the BoI GDP monthly model sees growth at 4.2% annual in January.

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