Haredi man working 370.
(photo credit: Baz Ratner/Reuters)
The unemployment rate continued its steady decline in October, hitting 5.9
percent, down from 6% in September, the Central Bureau of Statistics reported
The labor participation rate improved to 63.8%, up from 63.4%,
demonstrating that the improvement in the unemployment rate is not the result of
discouraged workers dropping out of the labor force, the statistics bureau
The number of full-time employees increased 0.9%, while the number
of part-time workers decreased 0.5%.
The number of Israelis aged 15 and
over participating in the workforce rose to 3,704,000 in October, comprising
3,486,000 people employed and 218,000 unemployed. Among those employed in
October, 1,861,000 were men, compared with 1,848,000 in September, and 1,625,000
were women, compared with 1,611,000 the previous month.
The percentage of
Israelis aged 15 and over in the workforce climbed to 63.8% in October, up 0.4%
Despite the good news, the Bank of Israel sees the trend
of dropping unemployment reaching its end. Just a week before the newest figures
were published, Bank of Israel Governor Karnit Flug warned
that the jobless rate
would soon start increasing.
“An assessment of the composition of the
labor market shows that growth in the number of employed persons is concentrated
in the public services, while employment in the business sector has been at a
standstill for a long time,” she said.
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In other economic news, exports
rose by an annualized 2.7% in the third quarter, following a 9.8% drop in the
second quarter. Imports rose faster, at a rate of 4.5%.
confidence index improved, although it remained low, with the difference between
negative and positive survey respondents rising from minus-29% to minus-24%.
People’s overall sentiment about their household economic situation improved,
from minus-13% to minus- 5%, indicating “a marked shift in the balance between
the economic situation of the household.”
Domestic spending continued to
rise, with retail chains showing a 1.5% annualized increase in
Globes contributed to this report.
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