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Unemployment in Austria remains low despite high inflation pressures

Hayley Maguire
Hayley Maguire - [email protected]
Unemployment in Austria remains low despite high inflation pressures
Unemployment in Austria has hit a 14-year low despite rising inflation. (Photo by Pixabay / Pexels)

Austria's labour market is holding up against high inflation as the number of people out of work hits a 14-year low.

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The official unemployment rate in Austria is just six percent, according to new figures from the Public Employment Service (AMS).

This is the lowest unemployment figure for 14 years and shows the labour market is withstanding the current inflationary pressures, reports ORF.

At the end of October, 319,232 people were out of work or in training in Austria - around 22,000 less than one year ago, and 35,000 less than in the pre-pandemic year of 2019.

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Johannes Kopf from AMS said the results point to "a few more months of joy" and referenced a strong construction market as one of the reasons for such low figures.

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Unemployment in industry is currently down by 12 percent and job losses in trade have reduced by 10 percent. In hospitality and gastronomy, the number of people registered as unemployed only dropped by one percent, but in the area of temporary work, the rate was down by 14 percent.

In October, the number of job vacancies across the country was up by 10 percent when compared with October 2021.

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Additionally, long-term unemployment in Austria has almost halved since its peak in April 2021 when 148,436 people were registered as long-term unemployed. There are currently 78,201 people in this category.

The reduction in short-time work across Austria as companies recover from the pandemic lockdowns has also contributed to the low unemployment figure.

A flash estimate by Statistics Austria put the inflation rate for October at 11 percent. The high rate is being driven by rising global energy prices.

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