Israel's Labor Market Shrinks Amid War, Leaving Thousands Unemployed
Translated & summarized from TheMarker by baba
The story in 4 lines · by baba
- 160,000-250,000 Israelis lost jobs since Oct 7.
- Israel's employment rate hit lowest OECD level.
- War's impact causes "freefall" for many.
- Economic consequences expected for years.
Between 160,000 and 250,000 Israelis have been pushed out of the labor market since the October 7th attacks, according to preliminary data from the Ministry of Finance. This has contributed to a drop in Israel's employment rate to 62%, the lowest among OECD countries. The article highlights the profound and lasting impact of the Hamas massacre and the subsequent war on the lives of many Israelis, who are struggling to cope with this "freefall." The economic consequences are expected to be felt for years to come, affecting both individuals and the broader Israeli economy.
The personal toll is illustrated by the experience of the Gabai family in Yishuv, whose nights are filled with nightmares and waking up screaming. The father has been seen going outside with sticks to protect his family from perceived threats, and everyday occurrences can act as triggers. The article suggests that the trauma of the attacks and the ongoing conflict has fundamentally altered their lives.
Read the original at TheMarker