The labor market tightens, supportive of wage pressure

ISRAEL - In Brief 18 Mar 2024 by Jonathan Katz
The recovery in the labor market continues In February, the (regular) unemployment rate remained low at 3.3 percent, compared with 3.2 percent a month ago (seasonally adjusted). According to original data, the broad unemployment rate fell to 5.4% from 5.9% a month ago and 10.2% in October. The number of employed persons (who worked) increased by 66,000 people, the number of employed persons absent from work for economic reasons (mainly evacuees) declined to 54,000 from 64,000 per month, and the number of employed military recruits declined to 65,000 from 110,000 a month ago. The number of unemployed declined to 142,000 (compared with 151,000 before the war). The ratio of demand for workers (number of job vacancies) to the potential supply (number of unemployed) increased to 0.84 from 0.81 in January and 0.76 in September 23. This is an indicator that points to a tight labor market, which tends to support wage pressures and therefore inflationary pressures as well.

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