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Minimal decrease in the number of unemployed in the economy - Walla! Of money

2021-10-18T12:40:30.907Z

The CBS publishes the employment report for September, which reflects a minimal decrease in the rate of the unemployed in the economy. What has changed in the data and why does unemployment continue to obscure the excellent data presented by the Israeli economy?



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Minimal decrease in the number of unemployed in the economy

The CBS publishes the employment report for September, which reflects a minimal decrease in the rate of the unemployed in the economy. What has changed in the data and why does unemployment continue to obscure the excellent data presented by the Israeli economy?

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  • unemployment

  • Social Security

  • Employment Services

Sonia Gorodisky

Monday, 18 October 2021, 15:10 Updated: 15:30

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The Central Bureau of Statistics today publishes the unemployment data for September 2021. The data indicate a slight decrease in the percentage of unemployed in the economy, but this is not a real breakthrough, but rather the opposite: the reduction in the percentage of unemployed is minimal compared to other economic data. An increase in the number of job vacancies in the economy, as published yesterday.



In September 2021 (compared to August 2021, among persons aged 15 and over), according to the report:



• The percentage of the unemployed in the labor force - 5.3% (5.5% in the previous month).



• Percentage of the labor force of the employed who were temporarily absent from work all week due to reasons related to the Corona + unemployed person - 6.1% (6.3% in the previous month).



• Percentage of the labor force of non-participants in the labor force who stopped working due to dismissal or closure of the workplace from March 2020 + employed persons who were temporarily absent from work all week due to Corona virus-related causes.



Unemployed percentage - 7.9% (8.0% in the previous month).



Employment rate does not include temporarily absent from work all week for reasons related to Corona - 58.6% (58.8% in the previous month) and it should be noted that the definitions of manpower surveys and the reference period of the data are different from other sources such as employment service

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Social Security offices during the Corona.

The employment market still does not align with growth (Photo: Yoav Itiel)

A comparison of the data with those of the previous month (August) reveals only a slight decrease in the rate of the unemployed from the labor force, from 234.7 thousand to 224.8 thousand, and in percentages: a decrease from 5.5% to 5.3%.



It seems that after a period of curbing the trend of reducing unemployment, it can be understood that it is very possible that the economy suffers from a structural problem related to the labor market, in which there is a mismatch between the demand for existing workers and the skills of the unemployed.



If this is indeed the reason why unemployment in Israel also does not "align" with the other economic indices, then an urgent program of professional placement is required that will direct the unemployed to job-related occupations, usually those that require dedicated literacy.

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Source: walla

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