Report: Wages rose 1.1% in September

The average salary was NIS 9,260, led by an 11.4% annualized increase in the information- technology and communication sectors in the third quarter.

Netanyahu's tlush pay stub salary 521 (photo credit: Courtesy)
Netanyahu's tlush pay stub salary 521
(photo credit: Courtesy)
Average wages rose at a real annual rate of 1.1 percent in September, the Central Bureau Statistics reported Thursday.
The average salary was NIS 9,260, led by an 11.4% annualized increase in the information- technology and communication sectors in the third quarter.
The number of jobs in the economy rose an annualized 0.9% to 3,093,000. The greatest increase in jobs was in the services sector, which rose an annualized 16% from July to September following an 8.6% increase in the three previous months. However, wages in the services sector dropped an annual 7.9% in the July-September period.
Perhaps reflecting the continued difficulty in bringing housing onto the market, the area that lost the most jobs was construction. That sector lost jobs at an annual rate of 5.1% and 3.3% in the third and second quarters, respectively.
The average salary at financial firms was significantly higher (about two-thirds more) than the national average, at NIS 15,436.
In an economic analysis released Thursday, Bank Hapoalim said the economy was at full employment and that the labor market has demonstrated “remarkable strength.” However, the trend was not likely to continue, it said.
“At the current growth level, which we believe will also characterize the year 2013, it appears that we will see the unemployment rate changing directions and starting to rise,” Bank Hapoalim said.