The Bank of Israel's combined State of the Economy Index rose 1.2% in July, indicating that economic activity is expanding. In addition, the index for June has been revised upwards, and is now stated to have risen 0.6%, compared with an original reading of a 0.2% rise.
From June 2008 to April 2009, the index fell steadily month after month. "It seems that a turnaround is emerging that is reflected in a rise in economic activity," the Bank of Israel said. "The current month's rise reflects rises in all components of the index, particularly in industrial output and turnover, which rose sharply." The index for May has also been revised upwards, to give a 0.1% rise, instead of the 0.3% fall in the original reading.
The index of exports of services rose sharply in July, by 3.2%, while the index of exports of goods rose 0.4%. The imports index rose 4.3% in July, following a similar rise in June.
Although the economy is emerging from recession, the number of jobseekers continues to rise, as expected. The number of people looking for work was 236,400 in July, 18.5% more than in July 2008, and 2.1% more than in June this year, the Central Bureau of Statistics reports. 25,200 Israelis joined the ranks of the unemployed in July, most of them (65%) as a result of layoffs.
However, seasonally adjusted figures indicate a 2.1% fall in jobseeker numbers in July, to 225,600. The number of non-graduate jobseekers fell 1.7%, while the number of graduate jobseekers fell 2.7%.
Published by Globes [online], Israel business news - www.globes.co.il - on August 19, 2009
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