Sep.28, 2012 | 5:55 AM–A dip in the unemployment rate in July turned out to be just that, as the proportion of jobless in the labor force shot up in August to a seasonally adjusted 6.9%, the Central Bureau of Statistics reported Thursday.
The increase was an 0.3 percentage point rise from July when the rate stood at 6.6%. In May and June, the rate had been 7.0% and 7.1%, respectively, according to the latest CBS data.
But the jobless data weren’t all discouraging. The percentage of the working age population – people aged 15 and older – grew to 64.3% last month from 64.1% in July, the CBS reported. While the labor force participation rate among men was unchanged between July and August, among women it jumped to 59.3% from 58.5%.
Among the key working age population, ages 25 to 64, the labor force participation rate showed particular improvement, reaching 79.5% in August from 78.7% in July, the CBS said. Also, the proportion of the active labor force working full time rose to 76.9% from 76.7% over the two months.
The more encouraging jobless data come as forecasts for slower economic growth are being pushed back into next year. Earlier this week the Bank of Israel raised its outlook for this year, saying gross domestic product would expand 0.2% more than it previously expected, to 3.3%. But the bank lowered its forecast for next year to 3.0%…Read More>>