Unemployment in Israel Rises Due to War with Hamas

The Central Bureau of Statistics reported today, Monday, that the unemployment rate in Israel rose to about ten percent in October, after the war with Hamas led to the displacement of tens of thousands from areas near the Gaza border. The main unemployment rate remained at 3.4 percent last month. The unemployment rate stood at 9.6 percent in October, with 428,400 people unemployed compared to 163,600 in September before Hamas's attack on October 7. Israel has called up nearly 400,000 reservists for service following the attack. Official data showed that Israel granted about 80,000 Israelis unpaid leave in the past few weeks. The employment rate fell in October to 56.5 percent from 61.1 percent. The decline in the unemployment rate had supported Israel's economic growth, but with many losing their jobs or being on leave, the economy is expected to contract in the fourth quarter and grow by only 2.3 percent in 2023, which is less than previously expected.