Israel’s top economic officials were utterly bewildered by the 20% jump in unemployment after a switch to the OECD harmonized definition. Since last weekend, when the change was revealed, none of the country’s leading economists has been able to explain how a different measuring method jacked up the numbers. On Monday the head of the National Economic Council, Prof. Eugene Kandel, took the unusual step of convening the body to discuss the ramifications of the startling results.
The compliments showered on Prime Minister Benjamin Netanyahu and Finance Minister Yuval Steinitz over Israel’s low jobless rate, compared to other developed countries, might be unjustified. “Could Israel, which boasts of the high quality of its workforce, have been mistaken for so many years about unemployment rates?” astonished cabinet ministers and other senior officials asked. The answer, apparently, is yes. Unemployment is a full percentage point above that reported just two months ago. The people who claimed for years that the Central Bureau of Statistics figures were too low were apparently right…
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Read more@ Officials bemused by apparent jump in jobless statistics – Haaretz Daily Newspaper | Israel News.
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Posted by leonilakingreydtbj | April 27, 2012, 11:07 pm