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Official Survey Says Unemployment in West Bank, Gaza Rises 25%

Palestinian laborers work at Aluminum Construction, a factory located in the Industrial Park of the West Bank Israeli settlement of Maale Adumim, near Jerusalem, February 3, 2016. (Reuters)
Palestinian laborers work at Aluminum Construction, a factory located in the Industrial Park of the West Bank Israeli settlement of Maale Adumim, near Jerusalem, February 3, 2016. (Reuters)
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Official Survey Says Unemployment in West Bank, Gaza Rises 25%

Palestinian laborers work at Aluminum Construction, a factory located in the Industrial Park of the West Bank Israeli settlement of Maale Adumim, near Jerusalem, February 3, 2016. (Reuters)
Palestinian laborers work at Aluminum Construction, a factory located in the Industrial Park of the West Bank Israeli settlement of Maale Adumim, near Jerusalem, February 3, 2016. (Reuters)

Unemployment in the Palestinian labor force rose 25 percent in 2019, revealed an official report by the Palestinian Central Bureau of Statistics on Thursday.

The number of unemployed was 343,800 in 2019, with 215,100 in the Gaza Strip and 128,700 in the West Bank. The unemployment rate in Gaza reached 45% compared to 15% in the West Bank, while unemployment among males was 21% compared to 41% for females.

Total labor under-utilization stood at 487,400 people, including 73,100 discouraged jobseekers and 20,500 in time-related underemployment.

The Bethlehem governorate in the West Bank and Deir al-Balah governorate in the Gaza Strip registered the highest unemployment rate in 2019.

The Bethlehem governorate recorded the highest unemployment rate in the West Bank, at about 23%. It was followed by Jenin, at 22%. The Jerusalem and Qalqiliya governorates registered the lowest rates at 7% for each.

In the Gaza Strip, the Deir al-Balah governorate registered the highest unemployment rate, at about 52%, followed by Khan Yunis at 49%. The lowest rate was registered in the Gaza governorate at about 41%.

Moreover, the Bureau found a large gap in the labor force participation rate between genders, whereby 7 out of 10 of males are employed, compared to 2 out of 10 of females. It added that 19% of women in Gaza were employed, as opposed to 17% percent in the West Bank.

Around 61,000 people entered the labor force in 2019 with some 32,000 in the West Bank and 29,000 in the Gaza Strip, said the Bureau, noting an increase in the number of employed in the local market between 2018 and 2019

The number of employed in Israel and Israeli settlements stood at around 133,000 in 2019, with 71% working with a permit and 20% without one, while Israeli ID or foreign passport holders reached 9%.

The number of employed in Israeli settlements was 23,000 in 2019 compared with 22,000 in 2018, with the majority working in the construction sector.

The Bureau also noted a high percentage of child labor in the West Bank compared to the Gaza Strip. It said 3% of children between the ages of 10 and 17 were employed.

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Oil Extends Climb on Supply Fears, Trade War Concerns Cap Gains

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Extends Climb on Supply Fears, Trade War Concerns Cap Gains

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices inched higher on Tuesday after threats by US President Donald Trump to impose secondary tariffs on Russian crude and attack Iran, though worries about the impact of a trade war on global growth capped gains.

Brent futures rose 21 cents, or 0.3%, to $74.98 a barrel at 0645 GMT, while US West Texas Intermediate crude futures climbed 22 cents, or 0.3%, to $71.70.

The contracts settled at five-week highs a day earlier.

"Near-term risks are skewed to the upside, with US threats of secondary tariffs on Russian and Iranian oil leading market participants to price for the risks of tighter oil supplies," said Yeap Jun Rong, market strategist at IG, Reuters reported.

However, broader themes still revolve around concerns of upcoming tariffs weighing on global demand, along with prospects of increased supply from OPEC+ and the US, said Yeap.

A Reuters poll of 49 economists and analysts in March projected that oil prices would remain under pressure this year from US tariffs and economic slowdowns in India and China, while OPEC+ increases supply.

Slower global growth would dent fuel demand, which might offset any reduction in supply due to Trump's threats.

After news of Trump's threats initially boosted prices on Monday, traders told Reuters they viewed the president's warnings to Russia, at least, as a bluff.

Trump, on Sunday, told NBC News that he was very angry with Russian President Vladimir Putin and would impose secondary tariffs of 25% to 50% on Russian oil buyers if Moscow tries to block efforts to end the war in Ukraine.

Tariffs on buyers of oil from Russia, the world's second largest oil exporter, would disrupt global supply and hurt Moscow's biggest customers, China and India.

Trump also threatened Iran with similar tariffs and bombings if Tehran did not reach an agreement with the White House over its nuclear program.

"For now, it appears to be just a threat to Russia and Iran. However, if it becomes a reality, it creates plenty of upside risk to the market given the significant oil export volumes from both countries," said ING commodities strategists on Tuesday.

The market will be watching for weekly inventory data from US industry group the American Petroleum Institute later on Tuesday, ahead of official statistics from the Energy Information Administration on Wednesday.

Five analysts surveyed by Reuters estimated on average that US crude inventories fell by about 2.1 million barrels in the week to March 28.