Slowdown in business sector activity worsens
Business sector activity in November 2024 is like that of September 2023
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The Melnick State of the Israeli Economy Index fell by 0.2 percent in November 2024. The slowdown in business sector activity is worsening. The level of business sector activity in November 2024 is like that of September 2023, the month before the outbreak of the war in fact, during this period, business sector growth ceased. In the total revenue in the economy’s branches, which reflects domestic demand and mainly private consumption, there is no growth. The industrial production index, which reflects the supply side of the business sector, is also not increasing and indicates activity at a constant level. The import index, which consists mainly of inputs for domestic production, is the only component that indicates a certain increase in activity. And the number of employee posts in the business sector increased slightly, but supply constraints are still evident due to the mobilization of reserves and the quarantine on workers from the territories.
The components of the November index include: a 0.1% increase in the industrial production index in October, after a 0.1% increase in September; a 1.8% decrease in the revenue of the economy’s branches in October after a 1.1% increase in September; a 4.5% increase in the import index in November, after a 3.5% decrease in October; and a 1.0% increase in the number of employee posts in the business sector in September, after a 2.3% decrease in August.
*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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