July 2012 layoffs in Israel reach 3-year high

16,084 people lost their jobs, roughly half male and half female
 
The Israel Employment Services (IES) announced on August 24th that the number of layoffs reached a three year high in July, with some 16,084 people sacked from their jobs.  In a statement issued by the IES it was noted that this was the highest number since 2009.  Some 7,497 of those who lost their jobs were men while 8,587 were women. 
 
Tel Aviv area saw the largest number of layoffs (1,072) with Jerusalem coming in at second place (803).  The market saw 211,617 job seekers at the end of July, a 7% increase from June and a 5% hike from the corresponding month in 2011.  Some 24,573 people registered as job seekers with the Employment Services in July.  There was a 0.5% increase in unemployed in July when compared to June, bringing the total number to 187,200 job seekers.
 
Despite a three-year high in layoffs in July 2012, the Central Bureau of Statistics reported at the end of last week that the unemployment rate among persons over the age of 15 fell to 6.5% in July from 7.1% in June and 7% in the second quarter of 2012. Participation in the labor force also rose to 59.8% in July from 59% in June. The above data indicate that more people are entering the labor market, but cannot find jobs, and that laid off employees are unable to find new jobs quickly.
 
The unemployment among persons aged 25-64 fell to 5.6% in July from 6.1% in June. Participation in the labor force by persons aged 25-64 rose to 74.3% in July from 74.1% in June.