Bituach Leumi Bracing for a Wave of Unemployment

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Bituach Leumi is signaling it is trying to prepare for an expected large increase in the number of people seeking unemployment benefits. This due to the ailing global economic situation.

Bituach Leumi Director-General Esther Domenici expects 4,000 Israelis to join the ranks of the unemployed by the end of the year. She has turned to the Bank of Israel and Finance Ministry to meet to discuss the global economic situation and its impact here at home, in Israel.

Since 2003, when unemployment hit an unprecedented 11.2%, it has been dropping steadily to a low of 6% this year.

Employment offices assisting people in finding work report a monthly increase of 0.7% every month over the past half year, with 194,000 people registered in July.

The number of people receiving monthly unemployment benefits has also increased during the past two months from 44,500 to 48,000.

(Yechiel Spira – YWN Israel)