Demand for software developers drops by 60% in 15 months
As of May, the number of job vacancies for engineers in the high-tech sector in Israel stood at approximately 9,400 positions, including around 5,500 for software developers
The number of job vacancies in the high-tech sector continues to decline, falling by a further 3% in May compared to the previous month, according to data from the Israel Central Bureau of Statistics. This downward trend, which began about a year ago, has led to a significant drop of 48% in engineer vacancies and 60% in software developer vacancies compared to the record high in February 2022.
However, despite the overall decrease in job openings across various sectors, the total number of vacancies in the economy remained stable this month. These figures serve as important indicators for the labor market and influence decisions regarding interest rates and government policies.
As of May, the number of job vacancies for engineers in the high-tech sector stood at approximately 9,400 positions, including around 5,500 for software developers.
The decrease in vacancies is not limited to the high-tech sector alone but is a general trend reflecting the overall decline in job openings in the economy. This can be attributed to the monetary tightening process, which has contributed to a global economic slowdown. However, the latest report didn’t display any decrease in the total number of job vacancies across all sectors, which stands at approximately 130,000 compared to around 150,000 during the first quarter of 2022.
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The data on job vacancies is obtained through a survey conducted by the Central Bureau of Statistics among businesses with five or more employees. This information serves as a crucial indicator of the labor market's condition and is taken into account when determining the interest rate by the central bank. The figures also aid the government in identifying labor market trends and formulating appropriate responses.
