BREAKING NEWS

879,000 Israelis out of work, up to 15% unemployment expected

AUGUST 17, 2020 20:35

879,000 Israelis are currently seeking work, and the unemployment rate is expected to be between 10% to 15% by the end of 2020 thanks to the coronavirus lockdown, N12 and Kan reported on Monday evening.

Sources in the Finance Ministry confirmed that “the numbers are bad,” and did not attempt to offer conflicting data with that presented by the Center Bureau of Statistics (CBS).

Private consumption dropped by 43.4% and state spending increased by 25.2% in the second quarter of 2020, CBS reported on Sunday, indicating that the nation now faces not just the novel coronavirus, but also a deep recession.

The increase in state spending is partly due to the Safety Net program and the Check for Every Citizen Plan. Many suspect Prime Minister Benjamin Netanyahu means to approve further benefit plans ahead of the Jewish New Year.

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