Unemployment hits 19-year low

The number of unemployed in Israel fell to 179,500 in May.

The unemployment rate fell to 6.1% of the civilian labor force in May 2008, according to trend figures, published by the Central Bureau of Statistics today. This is the lowest level in 19 years and belies pessimistic expectations that unemployment would rise.

The number of unemployed fell to 179,500 in May, after a drop of 0.3 percentage points, or 11,700, from the beginning of the year. Israel now has 112,000 fewer unemployed than in mid-2003, when the unemployment rate peaked at 11.2%.

The unemployment is expected to rise in 2009 and 2010 because of the expected economic slowdown.

Earlier this week, Governor of the Bank of Israel Prof. Stanley Fischer said that recently economic data published by the Central Bureau of Statistics, especially the drop in industrial output and private consumption, were a warning that the slowdown has already arrived.

Published by Globes [online], Israel business news - www.globes-online.com - on July 23, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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