Due to reasons related to the Corona virus the rate of the unemployed - stands at 11.2%

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by Ifi Reporter Category:Capital Market Sep 16, 2020

The corona crisis is not only a medical or economic crisis, but also a social crisis that has implications for every aspect of daily life. The Central Bureau of Statistics has released an interim summary of the social and economic consequences of the crisis from March to August, and the picture that emerges from it is not particularly positive.
The report shows that the industries most strongly affected by the crisis are the aviation and hotel industries. Thus, in April the number of Israelis leaving the country reached an all-time low of 3,000 people; in April-June there were only 57,000 departures abroad. , Compared to more than two million ports in the same period last year. In August, 57.7 thousand departures were recorded, compared with 1.24 million in the previous year. A dramatic decrease, as mentioned, was also recorded in the number of visitor visits: in April-August, only 35.6 thousand visitors were recorded, compared to 1.9 million in the corresponding period in 2019.
The corona crisis has led to dramatic declines in hotel overnight stays in March and near-zero activity in April-May. In June-July, there was a gradual recovery in Israeli overnight stays and room occupancy, with the latest volume in these months ranging from 21% to 35% (compared with 78% in the past year).
The effects of the Corona virus on the employment market in Israel were mainly reflected in the temporary absence from work due to the closure of some workplaces, and in the inability to look for work in the new situation. At the end of March the restrictions imposed caused a temporary absence from work of many employed persons (unpaid leave, paid leave and more); In April, the scope of the phenomenon increased due to the tightening of restrictions and Passover. With the easing of restrictions in May, the number of temporarily absent from work also decreased, but at the same time there was an increase in the rate of the unemployed.
As of August, the unemployment rate stands at 5.4% of the labor force; The percentage of non-employed persons who stopped working due to dismissal or closure of the workplace from March 2020, plus the employed who are temporarily absent from work all week due to reasons related to the Corona virus and the unemployed - stands at 11.2%.
In August 2020, there were approximately 58.7 thousand job vacancies, compared with 53.1 in July. The number of job vacancies in August 2020 reflects a decrease of 41% compared to August 2019 (99,836 thousand job vacancies).
About six months after the crisis broke out, 6.4% of workers are still on unpaid leave. In the hotel services industry and in the food and beverage services industries (including restaurants and food stalls), unpaid vacation rates were recorded at a particularly high rate - about 20% and about 19%, respectively. About 11.5% of all workers have been laid off since the beginning of the corona crisis, an increase of 3.9% compared to the figure recorded in the previous month (7.6%). At the same time, the companies recruited 4.9% of new employees, who, among other things, replaced dismissed employees. 19% of the workers staying in the Knesset are not interested in returning to work.
19% of businesses report that they will not be able to continue operating for another three months under the current conditions in the economy. 78.5% of businesses report moderate damage of up to 25% in August revenue (including about 24% of businesses that reported no damage to their revenue). This is a significant improvement over the July revenue hit rate, where 44.1% of businesses reported a moderate hit rate of up to 25% (and 18% reported no revenue hit at all). About 70% of the businesses in the food and beverage services industry and in the hotel industry received government assistance.
Within all the chaos that has been created one can find a number of positive points. As of the end of July, it is not possible to indicate significant excess mortality in Israel, despite the increase in the number of deaths from Corona and in some of the total deaths. In the first months of the year mortality was particularly low, but from the beginning of the plague and especially in April to July, the extent of mortality was similar to previous years. Thus, since the beginning of the year, 27,550 residents have died in Israel, similar to 2019, when mortality from the corona is only 3% of the total deaths. It should be noted that mortality from the virus in Israel is relatively low compared to the rest of the world.
Also, in July 2020 there was a 25.1% decrease in the number of casualties in road accidents compared to July 2019, and in the number of fatalities there was a decrease of 6.1%. The number of fatal accidents in July 2020 increased by 3.6% compared to last July.
In January-July, the number of transfers to human life was 665, compared with 478 in the corresponding period last year. At the same time, the number of cases opened by the Israel Police decreased by 8.6% compared to the previous year, and stands at 164,568. Despite the severe crisis and the closure of the sky in January-July 2020, 9,956 new immigrants arrived in Israel.
Data from the national accounts published today show that gross domestic product fell in the second quarter by 29% on an annualized basis compared with the previous quarter, and by 8.2% on a quarterly basis. This decrease joins a decrease of 6.8% in the first quarter of 2020. Despite a significant decrease in GDP, Israel is in 8th place out of 19 OECD countries in the volume of the decrease (the larger the decrease, the lower the country is, db).
Private consumption expenditure that was most significantly affected by the corona crisis decreased by 44.3% in the second quarter of 2020 (13.6% on a quarterly basis), following a decrease of 23.8% (6.6% on a quarterly basis) in the first quarter. Private consumption per capita decreased by 45.2% (14% on a quarterly basis). The decrease in private consumption expenditure per capita in the second quarter of 2020 reflects a decrease of 45.1%. Public consumption expenditure increased by 26% (5.9% on a quarterly basis) in the second quarter of 2020. Overall, in the first half of the year, public consumption decreased by 1.4% on an annual basis compared with the previous half.
Expenditure on civilian consumption increased by 9.3%, while net purchases increased by 81.1% on an annualized basis (16.0% on a quarterly basis) and reflects, among other things, the government's extraordinary expenditures for medical supplies.
Business product after deducting housing services and public sector product decreased in the second quarter of 2020 by 33.7% (9.8% on a quarterly basis), after a decrease of 8.0% on an annual basis in the first quarter of 2020. In the first half of the year, business product decreased by 12.0% On an annual basis compared to the second half of 2019. Imports of goods and services decreased in the second quarter of the year by 39.5% on an annual basis. 

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