At the end of October, 319,232 people in Austria were registered with the Public Employment Service (AMS) as unemployed or in training, around 22,000 fewer than a year ago and around 35,000 fewer than in October 2019, i.e. before the pandemic. The unemployment rate was 6 percent at the end of October, the lowest October figure in 14 years.
The figures would show that the labor market is still able to withstand the challenges associated with the geopolitical situation and high energy prices, according to Labor and Economics Minister Martin Kocher (ÖVP) on Wednesday, according to a broadcast.
AMS boss Johannes Kopf sees the data in two ways: On the one hand, there are clear indications of a clear economic slowdown, month after month the decline in unemployment (including training) is shrinking rapidly. While it was minus 38,000 people at the end of August and minus 32,000 at the end of September, it was only minus 22,000 people at the end of October. On the other hand, declining unemployment figures, a good construction job market and increased access to vacancies in industry gave hope for “a few more months of joy,” said Kopf.