Israel’s unemployment rate is holding steady and even declining, reaching new historic lows at a time where other nations seem to be headed in the opposite direction.

Israel’s unemployment rate for March was 5.3 percent, remaining at a historic low for the second consecutive month, the country’s Central Bureau of Statistics (CBS) said Thursday.

A CBS survey held among 21,900 Israeli adults said that during the first fiscal quarter of this year, unemployment among men was 5.1 percent, while the jobless rate among women was 5.5 percent. According to the survey, for the first time is Israel’s history, unemployment among those ages 25-64 dropped below 5 percent—4.7 percent among men and 4.8 percent among women.

Meanwhile, the first phase of a minimum-wage hike ordered by Israeli Prime Minister Benjamin Netanyahu last December came into effect Thursday, raising the minimum wage in Israel from 4,300 shekels ($1,115) to 4,650 shekels ($1,205).

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