Labor market recovery is rate hike supportive

ISRAEL - In Brief 21 Mar 2022 by Jonathan Katz
Broad unemployment (including Covid furloughs and those out of a job due to Covid but not actively seeking employment) declined to 5.4% in February from to 5.6% in January. The official narrow definition of unemployment remained at 3.7%. The number of workers increased by 37 thousand in February, with the decline of Omicron and cancelling of restrictions. The labor market has recovered rapidly with the employment ratio approaching pre-Covid. This positive trend is rate hike supportive: We expect three hikes in the next three rate decisions (April, May, July) to a level of 0.75% and 1.25% one year from now.

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