Israel’s unemployment rate fell by 0.6 percent in July, according to a report from the country’s Central Bureau of Statistics.
The unemployment rate fell from 7.1 percent in June to 6.5 percent.
By comparison, the U.S. unemployment rate stayed relatively steady at 8.2 percent in June and 8.3 percent in July, according to the U.S. Bureau of Labor Statistics.
Participation in the labor force also rose to 59.8% in July from 59% in June.
The unemployment rate among individuals aged 25-64 fell to 5.6% in July from 6.1% in June. Participation in the labor force by individuals aged 25-64 rose to 74.3% in July from 74.1% in June.
“We should celebrate the fall in unemployment, and, more importantly, the increase in participation in the workforce,” Israeli Finance Minister Yuval Steinitz said. “However, in order to preserve our economic growth and low unemployment rate, we will have to stick to our economic discipline in the near future.”