In the face of continued hostilities in Gaza and heightened tensions in the north, Israel has managed to defy economic odds, witnessing a decline in unemployment rates as indicated by the latest data from the Central Bureau of Statistics (CBS). The November figures reflect a surprising resilience in the Israeli labor market, even amid challenging geopolitical circumstances.
According to the CBS report released today, there has been a noteworthy decrease in the extended unemployment rate, encompassing both the unemployed and individuals on sick leave. November’s extended unemployment rate stands at 8.5%, marking a significant improvement from October’s figure of 9.6%. This positive trend translates to a reduction of approximately 50 thousand people facing extended unemployment, a promising development in Israel’s economic landscape.
The official unemployment rate, excluding reserve personnel and those on sick leave, has also seen a decline, reaching 2.8%. This signals a reduction in the number of individuals actively seeking employment. However, the overall employment rate, representing the percentage of people employed within the total population, experienced a slight dip to 60.5%, equivalent to approximately 44 thousand people leaving the workforce.
The recently published job vacancy data aligns with the challenges faced by the labor market. In November 2023, there were approximately 92.9 thousand job vacancies, reflecting a decline from the 96.5 thousand recorded in October. This trend suggests a cooling of the labor market and sheds light on the detrimental effects of the ongoing conflict on employment opportunities in Israel.
As the nation grapples with the multifaceted impact of the war on its economy, these employment statistics provide a glimmer of hope for the future. Israel’s ability to navigate economic challenges during times of conflict is evident in the unexpected decline in unemployment rates, showcasing the resilience and adaptability of the Israeli workforce.