The expansion of the business sector continues

Moderation of private consumption is evident

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The Melnick State of the Israeli Economy Index rose by 0.5 percent in June 2022. The expansion of the business sector continues. The growth of the Index in the first half of 2022 compared to the second half of 2021, was 4.0 percent. The revenue in the commerce and services, which reflects domestic demand, and especially private consumption, has fallen for three consecutive months, reflecting moderation of private consumption. The industrial production index, which reflects the supply side of the business sector, has returned to increase. This may reflect improvement in the industry’s profitability due to the rise of the exchange rate. The import index, which consists mainly of inputs for domestic production, has returned to rise and reflects the growth of the business sector. The number of employee posts in the business sector continues to rise, evidence of strength in the labor market.

The components of the June index include: a 3.4% increase in the industrial production index in May, after a 0.2% increase in April; a decrease of 0.4% in the revenue of commerce and services in May after a decrease of 0.3% in April; a 3.3% increase in the import index in June, after a 1.4% decrease in May and a 0.3% increase in the number of employee posts in the business sector in April, after a 0.2% increase in March.

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