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Israel's jobless rate spikes to 9.6% in Oct due to Hamas war
(www.reuters.com)
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this post was submitted on 21 Nov 2023
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This is the best summary I could come up with:
JERUSALEM, Nov 20 (Reuters) - Israel's jobless rate surged to near 10% in October, the Central Bureau of Statistics said on Monday, after the outbreak of war with Palestinian Hamas militants led to tens of thousands of displaced citizens who had lived near the Gaza border.
The main unemployment rate held steady at 3.4% last month.
But when taking into account what is expected to be a temporary loss of work, the rate reached 9.6% in October as 428,400 people were jobless versus 163,600 in September, prior to the Oct. 7 attack when Hamas gunmen rampaged though Israeli border towns.
In the wake of the attack, nearly 400,000 Israelis were called up to reserve duty, and official data show that about 80,000 Israelis were placed on unpaid leave in the last few weeks.
The bureau noted that due to the war it needed to make changes to its labour force survey last month, with nearly no interviews taking place the week after the attack while all subsequent interviews were by phone rather not in person.
Israel's low jobless rate had underpinned economic growth, but with so many people furloughed or out of a job, the economy is expected to contract in the fourth quarter and grow a less than expected 2.3% in 2023.
The original article contains 256 words, the summary contains 213 words. Saved 17%. I'm a bot and I'm open source!