Bank Hapoalim: Consumer confidence up

The increase can be attributed to a positive trend being seen in consumer studies not only in Israel but also around the world
 
Israel's consumer confidence index compiled by Bank Hapoalim's economists rose 2.7 points in May to 118.13 points. The CCI is a measurement of consumer optimism on the state of the economy, expressed through savings and spending activities. Israel's CCI is benchmarked to April 2002 equals100 points.
 
Hapoalim economists noted ,however, that the index of expectations sank by 1.7 points.
 
In a detailed analysis Hapoalim economists noted that in recent months consumer confidence has been improving, in Israel and abroad. The increase can be attributed to a positive trend being seen in consumer studies not only in Israel but also around the world.
 
The bank acknowledged, however, that economic data, employment figures in particular, continue to indicate deep recession, although an increasing number of assessments indicate the situation is stabilizing.
 
The economists say that unemployment figures and decreases in income would affect the economy’s pace of recovery.