After the first rise in unemployment in about two years in April, the trend continued in May: 2.9 percent more people were unemployed or in education than in the previous month. This corresponds to 320,602 persons, an increase of 9059.
In a year-over-year comparison, the unemployment rate rose to 5.9 percent in May from 5.7 percent in the previous year. Admittedly, this is still the second lowest value in the past twelve years (see chart below).
Kocher: “Nothing unusual”
Labor Minister Martin Kocher described the increase as “moderate” and that seasonal fluctuations in the spring were “nothing unusual”. “Because of the economic slowdown, the positive effects are of course weaker than last year, which was characterized by exceptionally good economic and labor market development,” Kocher said on Thursday.
Ukrainians now appear in the statistics
Ukrainians have had free access to the labor market in Austria since April 21 and are therefore included in the statistics. According to AMS board member Johannes Kopf, about 4,400 of the approximately 9,000 additional unemployed and training participants at the end of May are displaced persons from Ukraine. “Weak economic development, high inflation and increased access by job-seeking convention refugees or those entitled to subsidiary protection explain the remaining increase,” says the AMS board.
Fewer vacancies due to economic downturn
The economic downturn is also visible in the labor market: at the end of May, the AMS had about 117,000 vacancies immediately available – a decrease of 15 percent compared to the same month last year. According to Kopf, tourism, construction and industry are “not looking for as many workers as last year”.
Source: Krone
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