Average monthly wage in Israel up 5.3% in August

In August 2024, the average monthly wage in Israel reached NIS 13,138, an increase of 5.3% from August 2023, according to Central Bureau of Statistics reports. The inflation rate was 3% during the same period, so wages are rising faster than prices. However, wages have eroded compared to previous months – NIS 13,591 in July and NIS 13,924 in June – which can be explained by seasonal factors.

The rise in wages is supported by unemployment data published by the Central Bureau of Statistics, which sees unemployment at a 50-year low of 2.7%. The labor market remains tight, partly due to the significant increase in government spending due to the war. This is also leading to increased inflation, which rose to 3.6% over the past year.

In the technology sector, the average monthly wage in July 2024 was NIS 31,508, an increase of 7.4% from July 2023, which is well above the inflation rate. The sharp rise also reflects the widening of the average monthly wage in the technology sector in Israel compared to the overall average monthly wage. The number of jobs in the technology sector increased by 0.3% in July compared to June, and by 1% compared to July 2023.

Published by Globes, Israel Business News – en.globes.co.il – on October 6, 2024.

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