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of unemployment in Israel did not significantly reduce wages, although in times of labor shortages wages rise with greater elasticity where the demand for workers is more acute. However, during the recent crisis the labor markets showed significant flexibility. Many workers agreed to reduce their hours or take cuts in pay rather than face the possibility of layoffs. This in turn helped stabilize the labor markets and abetted positive consumer sentiment, which in turn helped buoy the domestic consumption. In June 2008 the average monthly wage was NIS 8,075 (about $2,250). Conditions for workers in the country's various economic sectors are set forth in work agreements negotiated between employers and employees. Minimum requirements, however, are anchored in law and include a maximum 47-hour work week (with the actual 2006 average in the business sector being under 40 hours a week), minimum wages (NIS 3,850 in 2008; approximately $1,000), compensation for overtime, severance payments, and paid vacation and sick leave.