Israel: Manufacturing PMI recovers somewhat in April but remains deep in contractionary territory
The Purchasing Managers’ Index (PMI), produced by Bank Hapoalim and the Israeli Purchasing & Logistics Managers Association (IPLMA), rose from 34.6 in March to 39.3 in April, but remained below the neutral 50-mark separating expansion from contraction in the manufacturing sector. The rise in the headline figure was driven chiefly by softer declines in output and new orders.
The Purchasing Managers’ Index (PMI), produced by Bank Hapoalim and the Israeli Purchasing & Logistics Managers Association (IPLMA), rose from 34.6 in March to 39.3 in April, but remained below the neutral 50-mark separating expansion from contraction in the manufacturing sector. The rise in the headline figure was driven chiefly by softer declines in output and new orders.
Manufacturing activity should gradually recover going forward as the lockdown is eased, although tepid external demand will likely keep a lid on momentum.