The Bank of Israel’s Composite State of the Economy Index for January 2017
increased by 0.2 percent, after increasing at a higher rate at the end of 2016.
The Composite Index was positively affected this month by an increase in the
import of inputs and an increase in the job vacancy rate. In contrast, the
import of consumer goods, which increases sharply at the end of 2016 due to the
exceptional increase in vehicle purchases, declined sharply and returned to its
normal level, thereby contributing to the moderation of the increase in the
Composite Index.   The increase in the
Index was also moderated in January by the decline in the Industrial Production
Index and in the trade and services revenue indices for December.

 

Index readings for October and November were revised upward due to the
positive influence of business sector growth figures, while the index for
December was revised downward due to the negative influence of the
manufacturing and revenue indices for December, which were published this month (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

January

 

0.23

December

0.45

0.35

November

0.36

0.48

October

0.30

0.42

 

  

 
Table 2: Changes in the Index components in recent months
(monthly percent change, unless otherwise noted)

 

January 2017

December 2016

November 2016

October 2016

Industrial
Production Index (excluding mining and quarrying)

 

-0.4

4.5

-1.6 

Services
Revenue Index (excluding education, and public administration)

 

-1.1

1.2

 -0.9

Retail
Trade Revenue Index

 

-2.2

4.9

 -2.1

Imports
of consumer goods1


27.8

26.4

-3.0

1.9

Imports
of manufacturing inputs (excluding fuels)1

3.0

-2.1

0.3

-1.1

Goods
exports (excluding agriculture) 1

0.1

0.3

9.6

0.1

Services
exports (excluding transportation) 1

 

 

-1.8

2.6

Number
of employee posts in the private sector

 

 

0.2

 0.0

Rate
of vacant employee posts out of total number of employed people in the business
sector2

3.8

3.7

3.8

3.7

Building
starts3

 

 

 

 

1 Foreign
trade indices are quantitative (in contrast to CBS monthly foreign trade
indices).

2 The
job vacancy rate is included in the Index at its level, seasonally adjusted and
smoothed.

3 Since
the Central Bureau of Statistics stopped publishing monthly figures on building
starts, beginning in July 2016 the method of calculation of the building starts
component of the Index was changed. The component is calculated at a quarterly
frequency, and the change (seasonally adjusted, in percent) is attributed to
the last month of the quarter for which the figure is published.  The last figure published is for the third
quarter of 2016 (attributed to September), and shows a decline of 1
percent.  The other months in the quarter
are missing values for which the variable value is estimated in the model.

 

For additional data and explanations please
click here.

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

Monthly data (part A) and percent changes (part B)

State of the Economy Index- Long term data

State of the Economy Index- Diagrams ​

 

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