Concurrently, there was a notable increase in the number of people in paid employment, with an average monthly rise of 15 thousand during the same period.

However, a broader perspective reveals that in November, 3.6 million individuals aged 15 to 74 were without paid work for various reasons. Beyond the unemployed, 3.2 million were not actively seeking work or immediately available for employment, including retirees and those unable to work due to illness or disability. Over the past three months, this segment outside the labour force grew by an average of 5 thousand per month, as per CBS.

The unemployment rate among different age groups showed varying trends. While the rates for those aged 25 to 44 and 45 to 74 remained relatively stable since the beginning of the year, youth unemployment (aged 15 to 24) has fluctuated. In December 2022, the rate was 7.5 per cent, which increased to 8.8 per cent by September 2023, before dropping to 8.2 per cent in November. Notably, over 40 per cent of the unemployed are currently under 25, with a significant concentration in student cities.

Unemployment fluctuations are influenced by four key flows. Two of these flows can reduce unemployment: unemployed individuals finding jobs and those leaving the labour market. In November, the latter accounted for 96 thousand people, the highest since December 2021.

Conversely, two other flows can increase unemployment: employed individuals losing jobs and previously unavailable individuals starting job searches. In November, the balance between these flows slightly favoured a decrease in unemployment. The total number of unemployed dropped by 7 thousand compared to three months earlier, resulting in the overall slight decline in unemployment for the month.

Fibre2Fashion News Desk (DP)