Israel National Employment Service: global financial crisis could worsen unemployment

The August 2008 figures pointed to an increase in unemployment figures over the last six months, at an average monthly rate of 0.7%
 
The Israel National Employment Service warned last Thursday that global financial crisis could cause a worsening of unemployment, with an estimated 3,600 jobs expected to be lost by the end of the year and a further wave of job losses in 2009.
 
Yossi Farhi,director-general of the Employment Service, said last week that the Israeli job market was not immune to the global economic crisis, and the growing signs of an economic slowdown are “starting to show".
 
The Employment Service noted that after four years of a continued decline in unemployment rate, the August 2008 figures pointed to an increase in unemployment figures over the last six months, at an average monthly rate of 0.7%.