Slow housing activity + tight labor market support inflationary pressure

ISRAEL - Report 24 Jun 2024 by Jonathan Katz

1. The labor market remains tight with job vacancies elevated and the unemployment rate low.

2. Residential completions declined sharply in Q124; a trend which will likely support higher housing prices, rentals as well.

3. The current account remained strong in Q124 but FDI declined. Fundamentals remain shekel supportive, but overshadowed by elevated geopolitical risks.

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