Despite the rapid rise in interest rates in recent months by the Bank of Israel and the economic slowdown the rate of unemployment remains low and even fell in November compared with October. While in October the unemployment rate was 4.3%, in November it fell to 4.1%, the Central Bureau of Statistics reports.
The job market is considered weaker in the winter, so when the figures are seasonally adjusted the unemployment rate fell from 4% in October to 3.9% in November. The fall in unemployment did not derive so much from job seekers finding work but rather a rise in workforce participation. The proportion of people aged 15 and over in Israel participating in the workforce rose from 60.3% in October to 60.6% in November (a rise of 60.6% to 60.8% when seasonally adjusted). Even so the figures are weaker than in September when 61.1% of the population was participating in the workforce. Unemployment in September was also lower at 3.8%.
The unemployment trend in many OECD countries is low. Unemployment is 3.7% in both the US and UK, although it has risen slightly in recent months. In Germany where industry has been hit hard by the energy crisis, unemployment has risen from 5% in May to 5.6% in November. In France unemployment is relatively high but stable at 7.3% in recent months, Globes reports.
