The Israel Purchasing Managers Index compiled by Bank Hapoalim and the Israel Purchasing and Logistics Managers Association rose by 5.2 points in May to 54.4 points. The index again rose above the 50-point dividing line indicating economic expansion, after three months showing economic contraction.
The biggest increase - 11 points - was in export demand to 63.4 points in May. Domestic demand rose 2.9 points to 51 points.
The prices for raw materials item fell sharply in May, but remained above the 50-point dividing line indicating economic expansion, where it has been for 18 months. The index indicates that while prices for raw materials are still rising, the rate of increase slowed.
Bank Hapoalim said, "The Purchasing Managers Index changed direction in May, after three months of showing contraction, and indicates the expansion of industrial activity. The index has been very volatile of late and it is difficult to draw clear conclusions about trends, especially given the rising uncertainty in the global economy, which is liable to affect industrial activity in Israel in the future."
The JPMorgan Global PMI (Purchasing Managers Index) fell for the third consecutive month in May to 52.9 points. The index has been over the 50% threshold for 23 months, but its current level is the lowest since September 2010.
The US PMI fell 7 points in May, to a ten-month low, and national indices point to a slowdown in most countries covered, including the Euro Bloc, UK, China, India, and Brazil.
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