Jobless rate falls to record low of 5.7%

Unemployment fell to an all-time low of 5.7% in May, eclipsing April’s mark of 5.8%, the Central Bureau of Statistics reported in preliminary date Monday.

By NADAV SHEMER
July 25, 2011 23:54
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Employment 311. (photo credit: Ariel Jerozolimski/The Jerusalem Post))

 
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Unemployment fell to an all-time low of 5.7% in May, eclipsing April’s mark of 5.8%, the Central Bureau of Statistics reported in preliminary date Monday.

Finance Minister Yuval Steinitz welcome the news, saying: “Just as we have committed ourselves, and despite the global difficulties and continuing crisis in Europe, the government will continue to act energetically to increase investment in Israel and the creation of new and worthwhile jobs that will lead to full employment and to a decrease in social inequality.”

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Unemployment drops sharply to 6.1%

The jobless rate was 6.7% in May last year. It has been steadily falling since hitting a three-year high of 7.7% in mid-2009.

“Consumer spending and manufacturing are continuing to grow,” said Yaniv Hevron, head of macro-strategy at Excellence Nessuah Investment House Ltd. in Ramat Gan. “Employers feel comfortable and sufficiently confident to continue hiring.”

The statistics bureau usually releases its monthly unemployment figures a couple of months after the preliminary data.

Bloomberg contributed to this report.

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