In August 2024, the average monthly wage in Israel was NIS 13,138, up 5.3% from August 2023, the Central Bureau of Statistics reports. Inflation was 3% over the same period so that wages are increasing faster than prices are rising. However, wages have been eroded from the 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 the unemployment data published by the Central Bureau of Statistics, which sees unemployment at a 50 year low of 2.7%. The job market remains tight in part because of a dramatic rise in government spending because of the war and this is also fueling inflation, which has risen to 3.6% over the past year.
In the tech sector the average monthly wage in July 2024 was NIS 31,508, up 7.4% from July 2023, well above the inflation rate. The sharp rise also reflects a widening of the average in the tech sector in Israel from the overall average monthly wage. The number of jobs in the tech sector rose 0.3% in July from June and was up 1% from July 2023.
Published by Globes, Israel business news - en.globes.co.il - on October 6, 2024.
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