Demand for workers on the rise

Jobs recovery led by financial sector.

unemployment 311 (photo credit: Ariel Jerozolimski)
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.
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 highestfor workers in the financial sector including banks and insurancecompanies, which jumped by 6.1% in January compared with the previousmonth and was 51.6% higher compared with January last year. The largestdecline in the demand for new workers was in the business servicessector, which dropped by 2.1% in January compared with a month earlierand was stable compared with the same month last year.
Demandfor workers in the education sector rose by 5.4% last month comparedwith December, but demand was still 52.9% lower compared with Januarylast year. Demand for new construction workers increased by 4.3% inJanuary compared with the previous month and was 1.4% lower than inJanuary last year. Within the hospitality and food services sector,demand for new workers rose by 1.3% in January compared with Decemberlast year but demand was still 4.5% lower than during the same monthlast year.