Labor market remains tight

ISRAEL - In Brief 19 Jun 2023 by Jonathan Katz
The labor market remained tight in May and at full employment. Unemployment remained stable at 3.6% (seasonally adjusted data) while the rate of participation in the labor market improved slightly to 64.2% from 64.1%. More people are looking for work than previously and finding employment (therefore the unemployment rate remained stable). Recent economic indicators have been on the positive side (The business Sentiment Survey and industrial exports in May), despite some deceleration in private consumption. A tight labor market is supportive of wage pressure and therefore some inflationary pressure, especially in the service sectors. We still expect a rate hold decision on July 10th but much will depend on the direction of the shekel which is actually weakening today due to the renewed concern regarding the judicial legislation

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