Weekly unemployment figures have fallen again. Compared to the previous week, there are 3,694 fewer unemployed and participants in AMS training. “This positive development is partly due to seasonal effects, which usually lead to a fall in unemployment by the summer,” said Minister of Labor and Economy Martin Kocher (ÖVP) on current labor market data.
311,086 people are currently unemployed, of whom 237,842 are registered as unemployed and 73,244 are participating in AMS training measures. The current unemployment figures are about 35,000 lower than before the corona pandemic in May 2019. At the moment, 51,476 people are pre-registered for short-time work. The week before, there were still 53,023 pre-registrations.
Despite the war in Ukraine, supply chain problems and high energy prices, the labor market situation remains “positive,” the labor and economy minister said on Tuesday. After the resignation of Economic Affairs Minister Margarete Schramböck (ÖVP) at the beginning of May, Kocher was also given the economic agenda.
Economy hit harder last year
Austria’s gross domestic product (GDP) was 6.77 percent higher than a year ago from May 8 to 14, according to the OECD’s GDP indicator. Last year, the domestic economy was burdened even more by the corona pandemic. However, in some sectors, uncertainty is now showing and “a slowdown in the economy is being registered,” Kocher said. The outlook for industry and exports has “deteriorated slightly”. “We hope this doesn’t become entrenched.” Overall, however, the Minister of Economic Affairs still sees “good economic development” in this country. Economic researchers expect the domestic gross domestic product to grow by 3.9 percent this year.
Need for action on inflation
When it comes to inflation, Kocher sees that action needs to be taken. “Inflation leads to major upheavals.” The government will try “to get as far as possible in the coming weeks” with plans for another emergency package. The measures must be “balanced”. According to the Minister of Labor and Economic Affairs, there is not yet a concrete timetable for further measures.
Source: Krone
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