Israel’s unemployment rate down to 3.4 pct, lowest since 1978

The unemployment rate in Israel fell to just 3.4 percent of the state’s labor force, the lowest rate since 1978, according to a report published by the Central Bureau of Statistics on Monday.

According to the report, the number of participants in the Israeli labor force among persons aged 15 and over was 4.1 million in October 2019, of which 141,000 were unemployed.

According to the figures, the unemployment rate fell by 0.2 percent last October compared to September.

The report also shows that the percentage of unemployed men in Israel fell to 3.1 percent in October, compared with 3.3 percent in September, while the rate among women was down from 3.9 to 3.7 percent.

On the other hand, the number of full-time jobs employees (35 hours or more per week) was down by 0.3 percent in October compared to the previous month, a decrease of about 9,000 employees.

The report also shows that the unemployment rate of persons aged 25-64 (80.1 percent of Israel’s labor force) was 2.9 percent in October, compared with 3.2 percent in September.

Israeli Minister of Finance, Moshe Kahlon, said: “This is amazing news, about a historic low rate, showing a strong economy and society.”

Israeli Prime Minister Benjamin Netanyahu said: “We continue to lead Israel to amazing achievements.”