The business sector expansion continues
The levels of industrial production and employee posts in the business sector exceed their level on the eve of the Corona outbreak
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The Melnick State of the Israeli Economy Index rose by 0.4 percent in February 2022. The expansion of the business sector continues. As we reported in the previous month the Omicron eruption had no significant impact on economic activity. The rise in revenue in commerce and services – which reflects domestic demand and especially private consumption, has renewed and it is an important contributor to the expansion of business sector activity. The industrial production index, which reflects the supply side of the business sector, rose two months in a row and its level exceeds that of the eve of the outbreak of the Corona in Israel. The import index, which consists mainly of inputs to domestic production, reflects optimism for continued economic growth despite its decline in the past month. The momentum of the increase in the number of employee posts in the business sector continues, evidence of strength in the labor market and a decrease in the unemployment rate. The number of employee posts in the business sector also exceeds that of the eve of the Corona outbreak.
The components of the February index components include: a 0.7% increase in the industrial production index in January, after a 5.9% increase in December; a 0.9% increase in revenue from commerce and services in January after a decrease of 3.7% in December; a 2.4% decline in the imports index in February, after a 7.0% rise in January and a 0.4% rise in the number of employee posts in the business sector in December, after a 1.1% rise in November.
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