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Israel’s unemployment rate drops to record low of 4.9% in February

By Mason White 3:59 PM March 31, 2014
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By: Anav Silverman
Israel’s unemployment rate continued to plummet this year and now stands at a record low, the Tazpit News Agency reported.

Israel’s unemployment rate has dropped to a record low in February 2014, down to 4.9 percent compared to 5.4 percent in January for people aged 25 to 64.

According to a seasonally adjusted study released by the Central Bureau of Statistics (CBS) last week, over 3.5 million people out of 8.1 million people are employed in Israel. The study found that 216,000 people were unemployed in February, approximately 3,000 fewer than in January.

Among males aged 25 to 64, the employment rate rose to 81.1 percent and among females aged 25 to 64, the employment rate rose to 71 percent.

The CBS survey found that unemployment also declined for those people aged 15 and over, from 5.9 percent in January to 5.8 percent in February. The employment rate for that age group rose to 60.5 percent in February.

Four out five people (aged 25 to 64) are currently employed, with participation in the labor force rising to a record high of 80 percent in February, according to CBS data.

In addition, the CBS survey found that among employed men, 87 percent work full time and 13 percent work part time. Among employed women, 67 percent work full time and 33 percent work part time.

The number of employed people who usually work full time (35 hours or more per week), increased by 0.8 percent compared with January – an increase of 21,000.

Israel’s unemployment rates have been trending down in the past two years, a source in the Central Bureau of Statistics told Tazpit News Agency.