The unemployment rate in Israel has hit an all-time low, a new report by the country’s Central Bureau of Statistics said Thursday.

The Jewish state’s unemployment rate in May was 4.8 percent, compared to the previous all-time low of 4.9 percent in April and 5.3 percent in March. According to the data, since 2012, the number of unemployed Israelis has decreased by 31.4 percent, from 277,083 to 190,000.

The unemployment rate among Israelis ages 25-64 hit an all-time low of 4.1 percent in May, compared to 4.3 percent in April.