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Three unemployed people compete for every vacancy Israel today

2021-10-24T20:31:27.435Z

The unemployed return to work, but not in the same place • The problem: In many industries, such as construction, it is still difficult to find workers • The reason: a desire to work in a different field from the one they did before



Although the economy has been fully open for several months, the vacancy rate in industries affected by the corona is still relatively high - that is, many Israelis are in no hurry to return to jobs that were employed before the corona period.

According to an analysis by Meitav Dash's chief economist Alex Zabzhinsky, based on CBS data, the number of job vacancies in the economy continued to grow in August, reaching a new high. And those who do not), there are almost three unemployed for every vacancy. From what could be expected at current unemployment levels.

The ratio between the number of job vacancies and the total number of employed persons is at a higher level in the hospitality and food industries (15%), information and communication (10%) and construction (8%).

These are manual jobs, most of which yield relatively low wages, and many of those who were employed until a year and a half ago are not interested in returning to them now, after receiving unemployment benefits or long-term benefits for similar periods.

The ratio between the number of "ordinary" unemployed (as counted before the Corona period) and the number of job vacancies has fallen to the level it was before the economic crisis.

Global expansion

Globally, the Purchasing Managers' indices for October point to continued expansion in the global economy.

Following the decline in morbidity, there was an improvement in the activity of the services sector in the United States and Japan, where for the first time since the beginning of the epidemic the index rose above 50. In Europe, on the other hand, the index in the services sector continued to fall for the third month in a row.

In Japan, the Purchasing Managers' Index also improved, while in the United States, the index has continued to decline over the past three months.

Americans also show a drastic moderation in economic growth, as evidenced by the various indicators.

The growth forecast for the third quarter according to GDPNow, which reflects the forecast growth rate based on current indicators, fell to about 0.5%.

In August, this forecast was about 6% - that is, it was cut by about 90% in just two months.

The monthly growth rate in the leading indicators index continues to moderate, from about 1% in the middle of the year to an average of about 0.6% in July-September.

In September, the rate dropped to only 0.2%.

The trend continues in October as well.

Source: israelhayom

All news articles on 2021-10-24

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