The Index readings for February–May were revised upward, due to the publication of National Accounts data for the second quarter and the built-in statistical smoothing in the calculation of the Composite Index (Table 1).
Table 2 presents the development of components of the Index in the past few months.
In view of the uniqueness of the crisis and the resulting measurement difficulties, the changes in the Index should not be used as an indicator of the precise intensity of changes in economic activity, and particularly not regarding the relative intensity between various months.
Table 1: Revisions in the Composite Index
Revision |
Previous figure |
New figure |
|
|
0.21 |
June |
0.14 |
0.16 |
May |
0.11 |
0.15 |
April |
0.42 |
0.58 |
March |
0.46 |
0.50 |
February |
0.26 |
0.37 |
Table 2: Changes in the Index components in recent months♦
(monthly percent change, unless otherwise noted)
|
July 2021 |
June 2021 |
May 2021 |
April 2021 |
Industrial Production Index (excluding mining and quarrying) |
|
4.0 |
-1.9 |
-0.6 |
Services Revenue Index (excluding education and public administration) |
|
4.7 |
-0.3 |
3.1 |
Retail Trade Revenue Index |
|
3.7 |
-4.2 |
2.4 |
Imports of consumer goods1 |
-1.7 |
3.4 |
-0.7 |
3.3 |
Imports of manufacturing inputs (excluding fuels)1 |
-0.3 |
6.6 |
4.5 |
-0.5 |
Goods exports (excluding agriculture)1 |
2.4 |
-5.5 |
1.6 |
6.7 |
Services exports (excluding transportation)2 |
|
|
2.0 |
-0.3 |
Number of employee posts in the private sector |
|
|
1.3 |
1.9 |
Job vacancy rate in the business sector3 |
4.9 |
4.8 |
4.6 |
4.4 |
Building starts4 |
|
|
|
|
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, and are comprised of the export of other business services and the export of tourism services.
3 The job vacancy rate is calculated out of the total number of employed people, and is included in the index at its seasonally adjusted level. The figures for March and April are not seasonally adjusted, since the Central Bureau of Statistics did not calculate a seasonal adjustment for those months due to the exceptional change in the figure.
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).
Detailed explanations regarding how the Composite Index is calculated, as well as detailed long-term tables, can be found at
https://www.boi.org.il/en/Research/Pages/ind.aspx