Both the export demand and domestic demand components of the index rose in July to reach a 16-month high
The Israeli Procurement Managers Index for July 2009 was stable at 51.7%. Bank Hapoalim and the Israel Purchasing and Logistics Managers Association's which compile the monthly index, noted that this is the second consecutive month that the index has been above the 50% threshold denoting economic growth.
In a detailed statement the Bank Hapoalim noted that both the export demand and domestic demand components of the index rose in July to reach a 16-month high.
The jobs component also rose, and is nearing the 50% threshold. The industrial output component, fell back below the threshold.
The Israel Procurement Managers Index strongly correlates trends in corresponding indices in leading economies.
JP Morgan's global Procurement Managers Index has also reached the 50% level for the first time since June 2008. the JP Morgan PMI shows widening of economic activities in the USA, the UK and the EU block.