Despite the economic slowdown, the domestic labor market remains robust. At the end of November, 330,454 people were registered as unemployed or in training in Austria, 33,040 people or 9.1 percent less than a year ago, the Ministry of Labor announced on Thursday.
The unemployment rate was 6.2 percent, the lowest November rate in 15 years. However, the number of vacancies remains high. “Since the beginning of 2022, we have seen a consistently very positive development in the labor market, increases in unemployment were mainly limited to seasonal effects,” Labor Minister Martin Kocher (ÖVP) said in a statement.
Labor shortage remains explosive
The development also turned out to be stable compared to the previous month, when 319,232 people were looking for work. The number of unemployed rose only slightly at just over 10,000. Given the labor shortages prevalent in many sectors, the situation remains tense.
At the end of last month, 113,180 vacancies were registered with the Public Employment Service (AMS), 12,399 or 12.3 percent more than a year earlier.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
