Despite the rapid interest rate increases of the Bank of Israel over the past few months, and the slowdown in the Israeli economy and the global economy, the Israeli unemployment rate remains low and even decreases slightly in November compared to October. While in October the unemployment rate stood at 4.3% of all participants in the labor market, in November it stands at only 4.1%.
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The winter months are considered weaker in terms of employment, so when seasonally adjusted, the unemployment rate actually dropped from 4% in October to 3.9% in November. The decrease in unemployment does not stem from the desperation of job seekers, but from an actual increase in employment: the employment rate of the entire population aged 15 and over increased from 60.3% in October to 60.6% in November (or from 60.6% to 60.8%, seasonally adjusted). However, the data are not as strong as those of September, which stood at 61.1% seasonally adjusted. Unemployment in September also stood at a seasonally adjusted 3.8%, a little below the current figures.
At the moment, a trend of relatively low unemployment can be seen in most of the West: the US and the UK both register unemployment of 3.7%, with a slight upward trend in recent months. Germany, whose industry was hit hard by the energy crisis, suffers from unemployment climbing from 5% in May to 5.6 % in November In France, unemployment is generally high, and has remained stable at about 7.3% in recent months.