Demand for workers on the rise

Jobs recovery led by financial sector.

February 14, 2010 22:51
1 minute read.
People stand in line at the Employment Authority.

unemployment 311. (photo credit: Ariel Jerozolimski)

Demand for new employees rose moderately in January, pointing to the start of a recovery in the labor market led by a strong increase in worker demand in the financial sector.

“There is a moderate increase in the demand for workers across a number of sectors in the economy at the beginning of 2010, in line with the employer expectations survey by the Industry, Trade and Labor Ministry, pointing to a stable recovery in the market as the unemployment rate declines and the number of available positions rises,” said Orna Segel, CEO of Manpower Israel, citing the firm’s monthly survey of help-wanted advertisements in the Hebrew press.

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The national unemployment rate in December was 6.8 percent, according to preliminary data.

The human resource company’s Manpower Index for new workers rose by a modest 0.5% in January when compared with December, and increased by some 2.8% from the same month last year. Demand for workers was not uniform across the sectors in the economy.

“The lack of uniformity between the different sectors as the demand for workers recovers is a sign of a healthy recovery of the economy,” said Segel. “I believe that the situation will balance out over the year.”

The Index showed that in the beginning of the year, demand was highest for workers in the financial sector including banks and insurance companies, which jumped by 6.1% in January compared with the previous month and was 51.6% higher compared with January last year. The largest decline in the demand for new workers was in the business services sector, which dropped by 2.1% in January compared with a month earlier and was stable compared with the same month last year.

Demand for workers in the education sector rose by 5.4% last month compared with December, but demand was still 52.9% lower compared with January last year. Demand for new construction workers increased by 4.3% in January compared with the previous month and was 1.4% lower than in January last year. Within the hospitality and food services sector, demand for new workers rose by 1.3% in January compared with December last year but demand was still 4.5% lower than during the same month last year.

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