Unemployment is rising and wages are falling. Unemployment in 2003 reached its highest level since 1994. The seasonally-adjusted monthly average unemployment level was 10.7% in 2003, up from 10.3% in 2002 and 9.4% in 2001.
The seasonally-adjusted monthly average of unemployed was 279,000 in 2003. The actual number of unemployed, according to original figures from Central Bureau of Statistics personnel surveys reached an even higher 305,000. 8,272 newly unemployed joined the ranks of the jobless in 2003. 49,543 newly unemployed have joined the ranks of the jobless since the outbreak of the intifada in September 2000.
At the same time, the average gross salary per hour fell 3.7% in 2003, and has fallen 10.1% in the past two years. The average gross salary per hour in the business sector fell 3.6% in 2003 and 11.2% in the past two years. The average gross salary per hour in the public sector fell 4% in 2003 and 7.5% in the past two years.
Despite the recession, there has been a turnaround in productivity. Output per work hour rose 2.2% in 2003, after falling 4% in 2001-02. Output per work hour in the business sector rose 3% in 2003, after falling 6% in 2001-02. Output per work hour in industry, excluding diamonds, rose 2.3% in 2003, after falling 5.1% in 2001-02.
Published by Globes [online] - www.globes.co.il - on December 31, 2003