The economy is boiling: the Purchasing Managers’ Index rose against the global trend

Stock market declines (photo by shutterstock)

The Purchasing Managers’ Index of Bank Hapoalim and the Purchasing Managers’ Organization increased in July by 4.2 points to a level of 57.6 points. Most of the components of the index point to an expansion in industrial activity this month. The component of export orders increased this month by 7.4 points to a level of 57.1 points and once again indicates an expansion in activity. The production output component recorded an increase of 9.6 points and reached a level of 66.8 points.

The Global Purchasing Managers’ Index, published by JPMorgan Bank, fell in July to a level of 51.1 points – the lowest level in the last two years. In the USA, the ISM index fell to 52.8 points from 53.0 points in June 2022. The Purchasing Managers’ Index in the Eurozone moved to indicate a contraction in industrial activity – fell to 49.8 points from 52.1 points. The Purchasing Managers’ Index in China (Caixin) fell to of 50.4 points from 51.7 points in the previous month.

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Bank Hapoalim say that: “The trend in Israel continues to be the opposite of that in the world, apparently due to the effect of the relative stability of energy prices in Israel. The growth figures for the second quarter also point to the gap that has opened between Israel and the world. In the second quarter, Israel recorded a surprising growth of 6.8% on an annual basis , with an increase of about 7.7% in investments and 10.3% in exports.

“The expansion also continued in July, and according to the CBS data, industrial exports increased in the months of May-July 2022 at an annual rate of 11.8%. “Transportation prices, as measured by the Baltic DRY index that tracks maritime transport prices, dropped from the peak in October 2020 by 75%, and returned to the level of 2019. The drop in transportation prices creates a more favorable environment for the industrial sector.”

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