The Composite State of the Economy Index for September 2019 increased by 0.3 percent

The Bank of Israel's Composite State of the Economy Index for September increased by 0.25 percent. The Index’s rate of increase reflects growth at the long-term pace.

 

The Index for September was positively affected by increases in the import of manufacturing inputs and consumer goods in September, and by an increase services exports in August. In contrast, declines goods exports and in the job vacancy rate in September, and declines in industrial production and in the retail trade and services revenue indices in August moderated the Composite Index’s rate of growth. There were no significant revisions to the Index for previous months (Table 1). Table 2 presents the development of components of the Index in the past few months.

Table 1: Revisions in the Composite Index

Revision

Previous data

New data

September

 

0.25

August

0.23

0.20

July

0.23

0.21

June

0.23

0.21

 

Table 2: Changes in the Index components in recent months

(monthly percent change, unless otherwise noted)

 

September

August

July

June

 

Industrial Production Index

(excluding mining

and quarrying)

 

-1.4

5.5

 -0.1

Services Revenue Index

(excluding education

 and public administration)

 

-1.6

-0.6

0.9

Retail Trade Revenue Index

 

-6.3

0.2

1.9

Imports of consumer goods1

7.1

-3.7

-3.3

5.3

Imports of manufacturing inputs

(excluding fuels)

3.0

1.6

-3.8

2.3

Goods exports

 (excluding agriculture) 1

-12.0

2.3

0.0

7.6

Services exports

(excluding transportation) 2

 

3.3

-2.8

 1.4

Number of employee

posts in the private sector

 

 

0.0

 0.2

Job vacancy rate

 in the business sector3

3.4

3.5

3.5

3.5

Building starts4

 

 

 

-7.8 

1 Goods imports and exports are calculated in fixed prices (adjusted for changes in foreign trade price indices).

2 Services exports are calculated in real terms (using the Consumer Price Index).

3 The job vacancy rate is calculated out of the total number of employed people and vacancies and is included in the index at its seasonally adjusted level.

4 Since the Central Bureau of Statistics publishes data on building starts once per quarter, the data integrated into the model are at a monthly frequency based on additional sources, such that the distribution is consistent with the quarterly data published by the Central Bureau of Statistics (in percent, seasonally adjusted).

For additional data and explanations, please click here.

http://www.boi.org.il/en/Research/Pages/ind.aspx

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