Of money
The cessation of sick leave for young people works: a decrease in the number of unemployed
Unemployment is down: 8.8% in the second half of June, compared to 9.5% in the first half.
Explanation: The Finance Minister's decision to stop paying sickness benefits to those aged 45 and under. The Bank of Israel estimates that the trend will continue, but despite the good data, unemployment rates are still significantly higher than they were before March 2020.
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unemployment
Chalat
Corona
Central Bureau of Statistics
Sonia Gorodisky
Monday, 19 July 2021, 12:39 Updated: 12:59
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The decline in the unemployment rate continues: in the second half of June, the unemployment rate fell to 8.8%, which is about 377,000 unemployed, compared with 9.5% in the first half of June, when the number of unemployed was 398.4 thousand.
This is reported by the Central Bureau of Statistics.
The decrease is explained by the end of the leave payments to the state by the end of June for 45 and under.
Resolution finance minister, Avigdor Lieberman, on the cessation of payment of the leave for 45 and younger, time, provoked a lot of criticism, but it's hard to argue with the numbers: decrease of 0.7% in the number of unemployed, while no far-reaching changes took place in the economy during June, is excellent proof of the assumption that stopping the payment of sickness benefits to young people will encourage them to return to work. .
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Finance Minister Avigdor Lieberman: His decision to stop applying for children under 45 affects the data (Photo: Reuven Castro)
Unemployment remains a major problem in the economy
And despite the encouraging data: in spite of an open economy for the past 5 months - except for incoming tourism - and plan the leave has ended, the unemployment rate continues to remain high, and the data are supposed to bother the makers.
Prior to the outbreak of the epidemic, in January and February, the unemployment rate was historically low In addition to the inbound tourism industry, which did not return to operation, one of the reasons why the unemployment rate remained high even after the completion of the youth unemployment program was also related to the fact that many employers became more efficient and adapted to working with fewer workers.
Last week, in its review, the Bank of Israel referred to the slow recovery of the labor market, and the Bank's economists expect that the unemployment rate will remain relatively high and reach a level of 8% by the end of 2021.
"We anticipate that the positive momentum of returning to employment will continue, albeit at a slower pace. Alongside these, the labor market is still far from fully recovered, and it is likely that a return to unemployment levels similar to the low levels of crisis is likely to take a long time. Especially ", it is written in the minutes of the interest rate discussions of the Bank of Israel.
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