Israel’s Unemployment Rate Drops to Record Low

Israel’s unemployment rate for July dropped to 4.1%, an all-time low.

According to Israel’s Central Bureau of Statistics, the rate fell from 4.3% in June, Globes reported Monday.

Overall, for the month of July there were 4 million people over the age of 15 in the workforce in Israel, of whom 3,836,000 were employed. Only 164,000 were reported to be unemployed.

For those aged 25 to 64, the rate of participation in the workforce was 80.1% in July, up from 79.8% in June.

In May 2016, Israel saw its unemployment rate drop to 4.8%, a 33-year low. Then to 4.6% in August, and 4.5% in October, which, at the time, was the record low.

When the unemployment rate dropped to 4.8 percent in May of last year, Motti Bassok of Haaretz explained that the rate was “not only low historically but low by international standards, and by conventional economic definitions there’s no unemployment at all in Israel.”

[Photo: xiquinhosilva / Flickr]