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Monday, March 20, 2006

Israeli Unemployment Drops

Unemployment in Israel continues to decline. In the period from December 2005 to January 2006 the jobless rate was 8.7%, or 241,000 jobless - the lowest unemployment rate in 12 years in November and October it was 8,8%.

This rate of israeli unemployment is lowest in the last 12 years.

Unemployment in Israel has been steadily declining since reaching a peak of 10.9% at the end of 2003. Sources in the israeli Finance Ministry predict that the unemployment rate will continue to fall in 2006, and will fall below 8% by December.

If the government were to continue with the policy of cutting the number of foreign workers, Israelis would take their places, "unemployment would fall further, wage would rise, poverty would lessen, and wages of unskilled workers would rise," Rafi Melnick, Dean of the Lauder School of Government at the Interdisciplinary Center in Herzliya and formerly of the Bank of Israel argued.

On the other side of the wall situation is not so good as in Israel. According to the World Bank report, unless financial support of the Palestinians continues, two thirds of the population are expected to fall under the poverty line by the end of the current year, and unemployment rates will shoot up to 40 percent. Average individual income will be decreased by 30 percent as well, while economic projects will decrease by 27 percent.

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