The unemployment rate in Israel fell to 2.5% in October, according to the Central Bureau of Statistics, compared to 2.7% in September.
Unemployment, as defined in the broadest sense including the unemployed, employees placed on unpaid leave and those mobilized for reserve duty in the military, 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 labor market remains tight and reaches the level of full employment.
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Besides the unemployment rate itself, the Central Bureau of Statistics provided a breakdown of the unemployed according to the reason for unemployment. The number of people absent from their jobs due to reserve military service continued to decline. The percentage of those performing reserve service in the army in October was 10%, compared to 12% in September. Also in October, the proportion of workers taking unpaid leave fell significantly to 5%, compared to 20% in September.
The Employment Department said the number of job seekers fell by 10% in October to 165,400 – the lowest number since the outbreak of war in October 2023.
While the number of unemployed people decreased, the number of available jobs remained stable. There were 135,000 jobs available in October, the same number as in September. Demand for construction 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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