The unemployment rate in Israel dropped to 2.9% in the first half of April from 3.7% in March.

According to a report in the Israeli business daily Globes, the Central Bureau of Statistics reports a 50-year-low unemployment rate in April with 120,000 job seekers and 150,000 vacancies.

The workforce participation rate fell to 61% in the first half of April from 61.3% in the second half of March.

According to the report, the high number of job openings is likely to lead to higher salaries.

The Bank of Israel projects a 3.5% unemployment rate by 2022.

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