The unemployment rate reached a low of 3.1% in April and has been on the rise since then.
The unemployment figures for October released by the Central Bureau of Statistics today make worrying reading. The proportion of those in the workforce who are out of work rose from 3.9% in September to 4.3% in October. But not only did people become unemployed: some gave up looking for work, leading to a decline in the proportion of the population in the workforce from 61.2% to 60.3%.
It seems that the push that the labor market received from the end of Covid-19 restrictions is starting to end. The unemployment rate reached a low of 3.1% in April 2022, and it has been on the rise since then. An unemployment rate of 4% is still considered low, and it includes people who are between jobs. Nevertheless, the fact that the unemployment rate has risen by 1.2% in six months may indicate a slowdown in relation to the immediate post-Covid period. The rise in interest rates may also be squeezing the labor market.
Published by Globes, Israel business news - en.globes.co.il - on November 14, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
Unemployment office Credit: Unemployment Service