Israel's Average Salary Drops in July Amid Seasonal Correction
Translated & summarized from Calcalist by baba
Israel's average salary decreased by 4.3% in July, a seasonal correction after a June rise. Meanwhile, the high-tech sector saw its average salary increase in June, with an 11.7% year-over-year gain.
The story in 5 lines · by baba
- Average salary fell 4.3% in July to 14,561 shekels.
- The July drop is seen as a correction after a June increase.
- High-tech salaries rose 2.3% in June to 36,584 shekels.
- High-tech salaries are up 11.7% year-over-year.
- Salaried positions increased 1.1% in July.
Israel's average salary saw a significant seasonal decrease of 4.3% in July, falling from 15,218 shekels in June to 14,561 shekels. This decline is likely a correction following a substantial 6.7% increase observed in June, according to preliminary estimates from the Central Bureau of Statistics.
In contrast, the high-tech sector experienced a rise in average salaries. In June, the average salary in high-tech increased by 2.3% to 36,584 shekels, marking the second consecutive monthly rise. Over the past two months, high-tech salaries have climbed by 4.9%, recovering from a sharp 9.4% drop in March. This represents an 11.7% increase compared to June of the previous year, a surprising figure given the slowdown in tech hiring.
While specific July data for high-tech is not yet available, the overall economic trend suggests a potential decrease in average high-tech salaries for July, given their significant impact on the national average.
The number of salaried positions for Israeli workers continued its recovery from the war, increasing by 1.1% from June to July, reaching 4.23 million. This figure is also a 0.3% increase compared to July of the previous year.
