The growth of the business sector continues
Industrial production leads the growth
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The Melnick State of the Israeli Economy Index rose by 0.4 percent in July 2022. The growth of the business sector continues; it seems that with the beginning of the second half of 2022 the growth of the business sector continues. The revenue index in the commerce and services, which reflects domestic demand and especially private consumption, has been steady in recent months and reflects the stability of private consumption. The industrial production index, which reflects the supply side of the business sector, continues to rise, and it seems to be that industry is leading the growth of the business sector. The import index, which consists mainly of inputs for local production, has been rising and falling in recent months without a clear trend. The number of employee posts in the business sector continues to rise, evidence of strength in the labor market.
The components of the July index include: a 1.2% increase in the industrial production index in June, after a 3.4% increase in May; a 1.2% decrease in the revenue in commerce and services in June after a 1.3% increase in May; a 3.0% decrease in the import index in July, after a 3.3% increase in June and a 0.1% increase in the number of employee posts in the business sector in May, after a 0.4% increase in April.
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