Unemployment Will Continue to Rise
Bank Leumi chief economist Dr. Gil Bafman said he expected unemployment to continue rising, reaching 9 percent by year's end. Bafman's forecast means that 40,000 more jobs will be lost, bringing the total number of unemployed persons to 270,000.
The last official figures for unemployed persons showed is 229,000 out of work in the first quarter of 2009, or 7.6 percent of the labor force.(israelnationalnews.com June, 09)
Eleven Applicants Competing for Every Job
The Labor Ministry reported Monday that eleven applicants are competing for every one job available in Israel. The ministry warned that by the end of the year the number is expected to rise to fourteen people for every one available job.
In addition, the report says that there are 60,000 newly unemployed workers as a result of the depression. In addition, there are 56 percent less jobs currently being offered in Israel.(israelnationalnews.com May, 09)