The slowdown in business sector activity continues
The number of employee posts in the business sector is about 100 thousand lower than their number in September 2023
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The Melnick State of the Israeli Economy Index did not change in October 2024. The slowdown in business sector activity continues. The total revenue in the economy’s branches, which reflects domestic demand and mainly private consumption, shows a slight trend of increase at a lower rate than that which characterized them before. The industrial production index, which reflects the supply side of the business sector, does not increase and indicates activity at a flat level. The import index, which consists mainly of inputs for domestic production, partially corrected the abnormal increase of the previous month. And the number of employee posts in the business sector indicates a low level of about 100,000 posts, relative to that of September 2023 before the outbreak of the war, which reflects supply constraints due to the mobilization of reserves and the quarantine of workers from the territories.
The components of the October index include: a 0.4% increase in the industrial production index in September, after a 0.4% decrease in August; a 1.1% increase in the revenue of the economy’s branches in September after a 2.5% decrease in August; a 4.2% decrease in the import index in October, after a 10.9% increase in September; and a 2.3% decrease in the number of employee posts in the business sector in August, after a 0.3% increase in July.
*Statistical note: from the monthly index of June 24, the data series of revenue in commerce and services was replaced by the revenue in all branches of the economy (without diamonds).
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