Israel’s labor market stayed strong in October as the high-tech sector showed signs of recovery, according to data released by Israel’s Central Bureau of Statistics on Monday.
The seasonally adjusted unemployment rate held steady at 3%, unchanged from September. The employment rate remained at 60.9%. Job vacancies climbed to 149,000, marking an increase from the previous month and approaching levels last seen during the peak in mid-2022.
The number of workplace openings signals “a tight and strong labor market, which aligns with strong GDP growth estimates for the third quarter, making it difficult to reduce interest rates,” according to Globes.
The report draws comparisons to September 2023, before the war, and September 2021. Job vacancies totaled 139,000 in 2021 and dropped to 115,000 in 2023 during an economic slowdown.
Israel’s high-tech industry, classified under Information and Communications, saw job vacancies rise to 13,800 after falling to 10,400 in 2023, though still below the sector’s boom. The absolute number of employees grew to 260,000 from 249,000 last year.
