Israel's Purchasing Managers Index falls to 58.5 in January

Israel's (PMI) fell by 0.6 points in January 2011, after reaching 59.1 in December, its highest level since April. The index's jobs component rose by 7.5 points in January
 
Data published last Tuesday shows that Israel's Purchasing Managers Index (PMI) fell by 0.6 points to 58.5 points in January 2011, after reaching 59.1 in December, its highest level since April.
 
The PMI is still above the 50 points dividing line between economic expansion and contraction, for the sixth consecutive month.
 
Bank Hapoalim and the Israeli Purchasing Managers' Association noted that "The level of the index in the past six months points to an expansion of activity,". "This expansion is supported by ongoing growth in domestic and export demand."
 
The index's jobs component rose by 7.5 points in January, after falling sharply in November.
The raw materials component rose 12.1 points to a high of 82.6 points.
 
The Israel Purchasing Managers Index is compiled by Bank Hapoalim and the Israel Purchasing and Logistics Managers Association.
 
Bank Hapoalim said that the index's stability in January indicated expectations of further expansion in manufacturing output, in line with other countries in the world.