Unemployment in Israel falls to new low

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While the war continues on two fronts, the job market remains tight and at full employment.

The unemployment rate in Israel in October fell to 2.5%, the Central Bureau of Statistics reports, down from 2.7% in October.

Unemployment as defined in the broadest sense including the unemployed, employees put on unpaid leave and those mobilized for army reserve duty also fell to 3.4% (151,000), down 20,000 from September, when the rate was 3.9%. Thus, while the war continues on two fronts, the job market remains tight and at full employment.

Along with the unemployment rate itself, the Central Bureau of Statistics has presented a segmentation of the unemployed according to the cause of unemployment. The number of people who were absent from their jobs due to military reserve duty continued to decrease. The percentage of those performing army reserve duty in October was 10%, compared with 12% in September. Also in October, the percentage of workers on unpaid leave dropped significantly to 5%, compared with 20% in September.

The Employment Service said that the number of job seekers fell 10% in October to 165,400 - the lowest number since the outbreak of the war in October 2023.

While the number pf unemployed fell, the number of available jobs remained stable. There were 135,000 available jobs in October, the same number as in September. Demand for building workers fell by 15% in October, while demand for engineers and software developers remained stable.

Published by Globes, Israel business news - en.globes.co.il - on November 18, 2024.

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