The economic slowdown continues to impact the Austrian labor market. At the end of November, approximately 384,000 people were registered with the Public Employment Service (AMS) as unemployed or in training; compared to the same month last year, this corresponds to an increase of more than 31,400 people or an increase of 8.9 percent.
The unemployment rate rose by 0.6 percentage points to 7.1 percent, the Ministry of Labor and Economic Affairs announced on Monday.
Kocher: “Economy weaker than expected”
“The global economy is weaker than forecast, and this is not without consequences for the Austrian labor market. As an export-oriented country, we feel the weak global demand and low growth in Germany more than in countries with lower export quotas,” Labor Minister Martin Kocher (ÖVP) said, commenting on the development.
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.
