Sally's Design Presents FALL GISPA ITALIAN KNITS From Milan GIS PA Inside Orchard Mall • West Bloomfield, Michigan Orchard Lake Road, North of Maple 248-626-0886 Jobless Rate Hits Peak Bank Rates Are Unchanged Jerusalem (JPFS) - Unemploy- ment totalled 7.7 percent in Israel in May, the highest figure since the first quarter of 1994, accord- ing to the Central Bureau of Statistics. The jobless figure has been rising throughout the year, with 7.6 percent out of work in April and 7.5 percent in March, with an average 7.3 percent for the first quarter. The latest figure suggests un- employment is rapidly approach- ing the 180,000 mark, a rise of some 40,000 over the last year. The Israeli Treasury, while forecasting rising unemployment, also predicts a decline in popula- tion growth, one of the main fac- tors being an anticipated decline in the number of new immigrants, particularly from the former So- viet states. While the population grew in 1996 by 2.6 percent, the predic- tion is for a 2.3 percent rise this year, 2.2 percent in 1998 and 2.1 percent in the following two years. Similarly, while immigration reached 71,000 last year, between now and 2000 the annual inflow is projected to slow to 60,000. In terms of the numbers of Is- raelis employed, as opposed to Palestinians or foreigners, the re- port points to a considerable de- cline in growth. In 1996 the annual rise was 2.4 percent, which is likely to slump to 1.6 percent this year. The Treasury forecasts a slight reversal of the trend in 1998 to 1.8 percent, with growth reaching 0.6 percent to 3.3 percent in 1999 and 2000. Jerusalem (JPFS) - There will be no change in the Bank of Is- rael's key lending rate in August, the central bank announced. The bank cut its interest rate by 1.2 percent to 1.7 percent in mid-June, as a result of the gov- ernment's agreement to expand the exchange-rate bands. It is with this and other changes in mind that Governor Jacob Frenkel and his senior staff decided not to make a change again this month, according to a statement from the bank. The other major consideration was the sharp increase in prices last month - the Israeli con- sumer price index increased a far-higher-than-expected 1.1 per- cent, with the 12-month total standing at 8.5 percent in June. The Bank of Israel once again called on the government to achieve its 1997 self-imposed in- flation target of 7-10 percent. Ad- ditionally, the bank urged the government to set its 1998 tar- get as soon as possible. The government decided last year it would do so by the end of June, but now says it will only set a rate once it has agreed on next year's budget, either at the end of August or early in September. The eventual aim, agreed between the government and bank, is that inflation will be at a similar rate to that of coun- tries in the Organization for Economic Cooperation and Development, where inflation currently averages just over 4 percent. LEADING ISRAELI STOCKS TRADED ON U.S. EXCHANGES 286 West Maple • Birmingham t1 DIDLY‘ S cr *Fli NI. I - N (810) 540 1977 - Mon.-Sat. 10-5:30 • Thurs. 10-9 Symbol Name Scitex SC IXF ECI Telecom EC I LF Teva Pharm TEVIY PEG Israel IEC Eltirt Computers • ELBTF Elscint LTD ELT Elron Electronics ELRNF Tadi ran TAD Comverse CMVT First Israel Fund ISL Exchange NASDAQ NASDAQ NASDAQ NYSE NASDAQ NYSE NASDAQ NYSE NASDAQ NYSE Jul. 25 '9.82 '29.75 '61.82 '22.25 '4.12 '8.50 '14.75 '31.87 '49.56 '14.50 Aug. 1 `9.75 '32.62 '56.94 '22.56 '3.72 '8.63 '16.50 '32.06 '49.33 '14.33 Change -S0.07 '2.87 -'4.88 '0.31 -'0.40 `0.13 '0.19 -s0.23 -'0.18 . 1 Securities, Source: Allen Olender, Pradentut West Bloomfield .