Manufacturing output and hiring are slowing. The Central Bureau of Statistics reports that manufacturing output rose by an annualized 3.7% in December 2007-February 2008, just have the 6.9% rate in September-November. Manufacturing output rose by 4.6% in January, but fell by 4.5% in February.
The hiring of new employees has also slowed to annualized rate of 2.2% in December-February from 2.6% during the three preceding months.
High-tech industry (electronics, avionics, computers, and pharmaceuticals) showed a more optimistic picture, but the same trend. High-tech output rose by annualized 10.3% in December-February, compared with 11.9% in September-November. Hiring in high-tech was also the average for manufacturing as a whole, but still slowed to an annualized 3.7% December-February from 5.2% in September-November.
Output by mixed high-tech industries (chemicals, machinery, electrical appliances and transportation equipment) plummeted to an annualized 1.7% in December-February from 9% in September-November. Job growth slowed to 5.1% from 5.9%. Output by mixed low technology industries (mining and quarrying, rubber and plastics, metals, and jewelry) was nearly halved to annualized 5.6% in December-February from 11.9% in September-November, and job growth slowed 2.9% from 4.8%.
The decline by low technologies sharpened. Output fell by a further annualized 5% in December-February after falling by 2.7% in September-November and employment fell by 2.4% after falling by 2%.
Published by Globes [online], Israel business news - www.globes-online.com - on April 17, 2008
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