The gloomy economic situation continues to weigh on the labor market. At the end of August, a total of 367,120 people were registered with the Public Employment Service (AMS), of which 301,421 were unemployed and 65,699 were in training programs. Year-on-year, the number of unemployed and training participants increased by 4.2 percent or 14,864. The unemployment rate was 7.0 percent (up 0.3 percentage points compared to the previous year).

"The economic conditions do not yet indicate a trend reversal in the labor market," said AMS board member Petra Draxl according to a statement on Monday. Overall, the labor market has not yet reached the bottom. This year, the Austrian Institute of Economic Research (Wifo) forecasts stagnation in economic performance, following two years of recession.

More Unemployment in Trade and Industry

According to AMS, people over 50 years old were particularly affected by unemployment (+6.0 percent). The number of unemployed women increased by 6.1 percent in August to 142,598, while unemployment among men rose by 3.7 percent to 158,823. In a sector comparison, trade (+6.9 percent) and industry (+6.7 percent) were particularly affected by the increase in unemployment. A decrease of 1.4 percent in construction could be a "first silver lining on the horizon," according to AMS.

(APA/Red)

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