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The figure confirmed fears that the unemployment rate will remain elevated for some time. Last week, Bank of Israel Governor Amir Yaron warned there were growing signs – among them that some 200,000 people have not yet returned to their jobs – that the economy now faced “structural” high employment.
The Finance Ministry forecasts an average unemployment rate for 2020 of 15.1 percent, assuming no serious restrictions on the economy are introduced in the remaining days of this year. If so, the average will rise to 15.3 percent.
The bureau said about 597,000 Israelis were jobless in the second two weeks of November even though the coronavirus cabinet approved measures during that time to increase employment. These included reopening street-front stores from November 4 and hotels in the resort areas of Eilat and the Dead Sea as “green islands” from November 19. Some shopping malls were reopened on a trial basis on
Israel s broad jobless rate held steady at 14 6% in late November
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(Judy Maltz)
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Israeli artists prepare food packages for the needy, July 20, 2020.
Unemployment benefits and grants for the self-employed in Israel are in danger because of next week’s imminent dispersal of the Knesset without having passed a budget.
One week before the Knesset dissolves in the absence of an approved state budget on December 23, the Likud is pessimistic about the chances of preventing new elections at the last minute. They say there have been no serious contacts with their coalition partner Blue&White, and nothing that could prevent new elections is in sight. One party official told Ma’ariv on Wednesday: “Apparently Netanyahu has decided that he prefers elections, and that is the direction in which the system is being dragged.”
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Dec. 14, 2020
Bank of Israel Governor Amir Yaron warned on Monday of the threat of long-term unemployment in Israel as the hundreds of thousands now on unpaid leave due to the coronavirus crisis end up joining the ranks of the jobless.
“When we examine the forecasts for unemployment and the labor market, there is evidence that the job market will take a long time to return to its former strength even if the economy recovers. Unemployment rates are very high,” Yaron told the annual Eli Hurwitz Conference on Economy and Society.
If the government is forced to impose additional lockdowns and other measures over the next few months, the jobless rate will be 14%, Yaron said. If Israel continues to exit from the second lockdown in a gradual, controlled manner through the second quarter of 2021, the rate will remain an elevated 8%.
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