Mar 31, 2010

Israel's Industrial Sector Reports More Jobs

David DolanBy David Dolan

Further signs have emerged that Israel is rapidly pulling out of the economic recession that struck the country in the wake of the American financial meltdown that began in 2008. Officials reported that Israeli industries hired 2,400 workers in the fourth quarter of 2009 after a year and a half of job losses in that important economic sector.

Nearly ten percent of all industrial employees lost their jobs during the 18 month recession, mainly due to a sharp fall in exports to the United States and Europe.Officials said that more than half of the newly hired workers are employed in long established companies that produce food products, textiles and clothing, along with wood and furniture products. But an increase was also noted in newer hi tech industries that had been hard hit by the worldwide financial crisis.

Economic analysts said they expect Israel’s overall unemployment rate to continue to decline after reaching a high of nearly eight per cent during the last quarter of 2008. Meanwhile nearby Arab countries continue to suffer a slower recovery after their exports were also curbed by the global recession.

Related Links

Industrial sector reports more jobs - The Jerusalem Post
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Israel in Crisis: What Lies Ahead? - David Dolan (Book)