Job vacancies spike, consumer confidence weakens

ISRAEL - In Brief 19 Aug 2021 by Jonathan Katz
The number of job vacancies continues to rise, reaching 134k (sa) in July, from 129k in June and 122k in May. The pre-Covid level was around 96k. This is an indicator of excess demand for labor from the private sector, relative to the supply. This upward print in July is somewhat surprising in light of the cancellation of the furlough supports for those up to age 45 on July 1st. Some of the unemployed may prefer to stay home until the school year starts. The spike in job vacancies is apparent in all sectors, including services, retail and industry. The positive side of this trend is that the economy is growing rapidly (or trying to), while the negative implication is the likely wage pressure which could spillover unto inflation. Consumer confidence declined sharply in the second half of July to -14 from -7 in the first half, most likely due to the renewed spike in Covid infections and talk of an imminent closure. This impacted the forward looking components of this index and could support increasing consumer caution regarding consumption and credit growth.

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