Unemployment rate rises 0.5% in July to 3.3%

The Central Bureau of Statistics reported that the official unemployment rate in July rose to 3.3%, an increase of 0.5% compared to June. The broad unemployment rate rose to 4.4%, an increase of 0.4%. The number of job vacancies continued to rise to 147,990, almost one-to-one with job seekers, indicating a tight labor market. The increase may be partly due to the phenomenon of 'summer layoffs' in the education sector.

The Central Bureau of Statistics reported today (Monday) that the official unemployment rate in July rose to 3.3%, an increase of 0.5% compared to June, when there were 128,000 unemployed job seekers. In July, their number stood at 148.2 thousand people. The broad unemployment rate, which also includes workers temporarily absent from work for economic reasons, laid-off workers not looking for work, and discouraged workers, rose to 4.4% – an increase of 0.4% compared to June, amounting to 199.6 thousand people. The number of people absent from work due to temporary reduction stood at 13.5 thousand, a decrease from 17.1 thousand in June. The number of laid-off workers not looking for work decreased to 22.7 thousand from 24.5 thousand, while the number of discouraged workers rose to 16.8 thousand from 13.4 thousand. Meanwhile, the number of job vacancies continued to rise to 147,990, compared to 145,777 in June, almost one-to-one with job seekers, indicating a tight labor market. The CBS notes that the increase may be partly due to the phenomenon of 'summer layoffs' in the education sector, where workers are laid off in the summer and rehired at the beginning of the year or after the holidays.