CBNNews.com - JERUSALEM, Israel - A record number of Israelis lost their jobs in January, according to the newest statistics released by the National Employment Service.

Close to 20,000 people joined the ranks of the unemployed last month, the highest number in the nation's history and a 4 percent increase over the previous month.

Eight thousand Israelis who were let go in December have yet to find new employment, according to the report.

A total of 218,500 unemployed Israelis are trying to find work, a 15 percent increase over January 2008.

David Tzarfati, head of the National Employment Service research branch, projected that by year's end, the unemployed may number more than 260,000.

Tzarfati based his estimate on the survey's statistical trends and the Bank of Israel's projected national economic growth rate.

Source: The Jerusalem Post