Unemployment in Israel, after being seasonally adjusted, fell to 3.6% in April 2023 from 3.8% the previous month, the Central Bureau of Statistics reports. The employment rate itself and the work force participation rate remained unchanged last month from March.
Israel’s unemployment data remains especially low. Unemployment has been low since the end of the Covid lockdowns with unemployment reaching its highest over the past year at 4.3% in January.
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The unemployment figure published today reflects a job market that remains tight despite the aggressive rate hikes made by the Bank of Israel, Normally low unemployment is an optimistic economic indicator but the tight job market could push salaries higher and obstruct the Bank of Israel in its efforts to lower inflation.
Bank of Israel Governor Prof. Amir Yaron has cited the tight job market a significant factor contributing to the rise in inflation and the low unemployment figure will be taken into account as the Monetary Committee considers an additional rate hike next Monday. Even before today’s unemployment data, the Bank of Israel was expected to raise the interest rate at its meeting next week.
Published by Globes, Israel business news – en.globes.co.il – on May 15, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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