Unemployment declines (and employment improves) despite Omicron

ISRAEL - In Brief 31 Jan 2022 by Jonathan Katz
Robust labor data despite Omicron. In the 1st half of January unemployment declined to 3.5% from 3.9% in the second half of December. Broad unemployment (including Covid furloughs which have increased recently) remained stable at 5.8%. More impressive is the increase in the number of employed by 21k in two weeks, despite the deceleration in activity due to Omicron concerns. With the government deciding to cancel more restrictions we should see further improvement in employment. This print is supportive of our call for a rate hike on April 11th.

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