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Unemployment in Israel Drops to Eleven-Year Low

דצמבר 20, 2007. Arutz7: Ezra HaLevi

(IsraelNN.com) Israel's unemployment rate is the lowest it has been in more than a decade, according to the latest figures published by the government-run Central Bureau of Statistics (CBS).

The rate of unemployment in October, according to the CBS, was 6.9 percent, down from 7 percent in September and 7.1 percent in August. According to the Bureau, unemployment has been steadily dropping all this year and has dropped a full percentage point, meaning 30,000 newly employed individuals, since January. 38,100 citizens received jobs in the past 12 months.

The October rate is lowest since 1996, when it fell to 6.7 percent. That figure will be reached if the rise in the monthly rate continues its current trajectory. Unemployment has been as high as 11 percent at the height of the post-Oslo terror offensive in 2003.

Army Radio financial analysts opined that the drop is related to “the global economy, an increase in local investment and government moves to raise the employment rate, including the launch of programs meant to get more people off welfare and back to work.”

The Finance Ministry expressed its satisfaction with the report, saying it exceeded its projection that such a rate would be reached in 2008.

In the manual labor sectors, there is zero unemployment and an actual shortage of laborers.

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