Israel's unemployment rate drops 0.7%

Israeli unemployment is likely to drop to 7% in 2010, down significantly from 7.7 percent in 2009
 
Israel National Employment Service reported last week that in contrast to a darkening economic picture in the European Union, Israel's labor market continues to recover from the recession. Israel's unemployment picture continued to brighten in the first quarter of 2010.
 
The Israel National Employment Service reported last week that the number of unemployed fell 0.7% to 193,800 persons in April 2010 from 195,100 persons in March.
 
According to the National Employment Service this is the lowest number of unemployed since January 2009.
 
Government sources added that Israeli unemployment is likely to drop to 7% in 2010, down significantly from 7.7 percent in 2009. The Bank of Israel expects unemployment to drop to 6.7 percent in 2011.
 
The number of jobseekers fell 1.9% to 207,000 in April from 211,000 in March, in seasonally adjusted figures.
 
The number of jobseekers with college degrees fell 2.1% and the number of jobseekers without higher degrees fell 2.8%.
 
38.6% of all jobseekers were without work for at least 270 days in the preceding 12 months, constituting the hard-core jobseekers.