Growth is good, but not good enough
The unemployment rate rose to 7% at the end of 2012 from 5.4% a year earlier, with a net 73,000 new unemployed.
The unemployment rate rose to 7% at the end of 2012 from 5.4% a year earlier, the Central Bureau of Statistics reported today, with the number of unemployed rising by a net 73,000 people from 174,000 at the end of 2011 to 247,000 at the end of 2012.
In early 2012, the Central Bureau of Statistics changed its methodology for measuring unemployment, to conform to OECD rules, which resulted in a jump in the unemployment rate from 5.4% to 6.5% of the civilian labor force. There were serious problems in measuring unemployment in the Arab community, where the rate doubled from 6% under the old method to 12% under the new method.
Participation in the labor force among people over 50 was 54%, mostly men, in 2012, and participation in the labor force by people aged 25-64 rose to almost 79%. 85% of men aged 25-64 and 73% of women aged 25-64 participate in the labor force. Participation in the labor force by people over 15 was 60%.
The breakdown of unemployment by region shows a 10% rate in the Northern District, 7.5% in the Jerusalem District, 7.3% in the Southern District, and just 5.5% in the Tel Aviv District. Among the big cities, Holon has the lowest unemployment rate at 4.5%, followed by Ramat Gan at 4.9% and Rishon LeZion at 5.1%. The cities with the highest unemployment rates were Jerusalem and Bnei Brak, at 7.8% and 7.5%, respectively. Both cities have large haredi (ultra-orthodox) populations, and participation in the labor force is below 50% in both of them. One in every two adults in these cities chooses not to work.
50,000 employees worked for employment agencies in 2012, and another 134,000 people worked as contract employees in cleaning and security.
Published by Globes [online], Israel business news - www.globes-online.com - on January 31, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
You comment was recieved and soon will be published.
Thank you for posting your comment, which will be reviewed for publication.
Load more comments
BlackRock Managing Director Stephen Cohen spoke at the "Globes"-BDO Ziv Haft Capital Market Conference.
Israel 11th in Bloomberg Gas Price Ranking
Israel is just below Finland in the ranking, and above Hong Kong and Britain.
Andorn: No tax hike to increase defense budget
The Finance Ministry director said more money should go to civilian services.
Tax Authority targets big spenders
Under suspicion are those who make frequent overseas trips, and unusually large capital market transactions.
Patrick Drahi ousts Eyal Ofer as richest Israeli
"Forbes Israel": Israel's 100 richest people's wealth equals 850,000 ordinary Israelis.
Police: Indict Olmert, Tel-Zur for obstructing justice
The police say Ehud Olmert and lawyer Navot Tel-Zur attempted to dissuade Shula Zaken from testifying.
Treasury forecasts just 3.1% growth in 2015
The IMF and OECD see 3.4% and 3.5% growth respectively in 2015.
TA Art Museum, Russia's Hermitage to collaborate
The announcement reflects the Tel Aviv Museum of Art's standing in the art world.
Lapid: I've learned economics at the people's expense
"A finance minister does not have to be an economist, but must know priorities."
Unemployment still falling
Israel's 5.6% unemployment rate in April is one of the lowest in the OECD.
C'tee calls for limiting cash deals to NIS 7,500
The Locker committee recommends a series of restrictions on the use of cash and checks.
Shekel strengthens as rate decision awaited
Analysts are split over whether the Bank of Israel will announce a rate cut today.
Analysts split on June interest rate decision
Even analysts who see the rate unchanged believe that it will be cut in a few months.
High Court bans yeshiva student stipends
The High Court of Justice: Yeshiva stipends discriminate against university students.
Teddy Sagi in talks to buy English football club - report
"The Reading Post": Teddy Sagi is in talks to acquire Championship side Reading.
Fitch affirms Israel's rating
The outlook for the 'A' long-term foreign currency rating is positive.
Change Israeli education from the ground up
Governments cannot reform our education system without a change in perceptions.
"You can't teach entrepreneurship"
Angel investor Zohar Gilon relies on his own judgement rather than due diligence when selecting investments.
If Rose Fostanes played basketball
Reforms in regulations for foreign caregivers are welcome, but don't go far enough.
Antitrust Authority disappoints on gas competition
The only new company that will compete against Tamar and Leviathan will own less than 8% of Israel's proven gas reserves.
When innovation means a refrigerator
Jamshyd Godrej believes economic development in India must go hand in hand with environmental and social awareness.
Prof. Zvi Eckstein supports NIS 3.30-3.40/$ floor rate
The former deputy Bank of Israel Governor is the first senior figure from the financial system to advocate a floor rate.
2013 boom year for Israeli high-tech
In the first half of the year, there was a 52% rise in demand for mobile and web developers, and salaries are up as well.
Strong shekel forces Israeli manufacturers abroad
Israeli manufacturers tell "Globes" they are losing money due to the current strength of the shekel.
"Ending QE3 will harm the economy"
Prof. Richard Clarida will tell "Globes" Israel Business Conference that the main risk to the US economy is its political system.
Israel offers favorable tax regime for companies
"Globes" and Baker Tilly Israel accountants found Israel's tax benefits are among the most attractive in the West.
Slowdown will worsen
The vested interests that continue to claim that the economy is improving are deceiving the public, says Eyal Horowitz.
Can the US maintain growth after QE3?
Leading economists will discuss "The US: catch 22 the zero interest rate" at the "Globes" 2013 Israel Business Conference.
"The worst could still be ahead in Europe"
Prof. Charles Wyplosz will discuss Eurozone recovery at the Globes Israel Business Conference on December 8-9.
"Let capital pipelines function to full potential"
Amir Bramly argues that limited investment supply is stifling small and medium Israeli companies.