Israel’s unemployment rate fell to a record low of 3.4% in October, according to Israel’s Central Bureau of Statistics (CBS), indicating a resilient job market.
In September, the unemployment rate was 3.6%, a record Israel reached twice before, and the continued decline brought the Israeli job market to its lowest figure in recent decades.
The unemployment rate among men stood at 3.1% while women’s unemployment measured at 3.7%.
However, the labor force participation rate for ages 15 and over in Israel declined in October from 61.2% to 60.6%.
The combination of low unemployment and relatively low labor force participation is unique to Israel, where certain sectors have traditionally refrained from participating in the workforce. Two sectors in which employment has historically been relatively low are Arab women and Ultra-Orthodox (Haredi) men.
The employment in both sectors has improved significantly over the past decade; however, the improvement seems to have recently stagnated for Haredi men.
Finance Minister Moshe Kahlon responded to the low unemployment figure, saying it is a sign of resilience for the Israeli economy and social fabric.
“This morning, we received news of the historic low level of unemployment. Low unemployment indicates a strong economy and, more importantly, a strong society. Everyone wants to get up in the morning, go to work, and support their family respectfully. I am delighted and proud of this important figure, which has both an economic element and a social one,” he said.