The number of people who have lost their jobs in Isreal has crossed 1 million. According to Israel's Employment services, the number of newly unemployed workers in the nation has risen to 1,011,205. The new figures comprise of all those who became unemployed since March 1, three days after the first COVID-19 positive cases were reported in the country.
Israel is already dealing with a battle for power between Benjamin Netanyahu and Benny Gantz, with many experts suggesting a fourth election. Meanwhile, the coronavirus pandemic has not only caused a health crisis but also an economic nation. As of now, the COVID-19 pandemic has infected 15,443 and killed 201 people in the nation.
Around 11,930 people applied for unemployment benefits on April 26, the highest number of applicants since April 5. As per ANI, 87.9 per cent of the workers have been put on unpaid leaves since March 1, while 7,25 have been laid off in this period, rest have quit or did not apply for benefits. According to the bureau, the unemployment rate in the nation has risen to 27.4 per cent compared to 4 per cent in March. It added that the total number of unemployed people in Israel over 1.14 billion people currently.
Israel is not the only country suffering from increasing unemployment. The unemployment rate in the United States has also surged due to lockdown imposed to tackle the coronavirus outbreak. According to reports, the data showed that claims for unemployment insurance in the United States have risen rapidly in the past few weeks, particularly in the services, manufacturing, construction and healthcare sector.
According to reports, experts have predicted that the unemployment rate in the United States could reach up to 15 per cent or higher, meaning the highest level ever seen since World War II. The largest increase in unemployment were reportedly seen in California (up 871,992), New York (up 286,596), Michigan (up 176,329) and Florida (up 154,171). The Federal Reserve of the United States has made $2.3 trillion available for loans for small and medium-sized businesses and cities and states.
(With inputs from ANI)
(Image credits: AP)