Labor market in Austria: record unemployment by bankruptcy!

In Austria, unemployment has increased to alarming heights. In November 2024, around 384,000 people were registered with the labor market service (AMS) as unemployed or in training - this is a frightening increase of 31,400 people compared to the previous year, which corresponds to an increase of 8.9 percent. The unemployment rate is now 7.1 percent, an increase of 0.6 percentage points compared to the previous year. This worrying trend is fueled primarily through the difficulties in the production and industry, especially in the automotive and food industry, as OE24.at reported.

The bankruptcy of the Kika/Leiner furniture chain has also caused a shock that led to a sudden increase in unemployment on the market: the growth is 10 percent. The industrial heart of Austria - Upper Austria is particularly affected, where KTM's bankruptcy with 3,600 affected employees further tightens the situation. In Styria (plus 11.7 percent) and Salzburg (plus 10 percent), there are significant climbs in unemployment, while Carinthia has only 5 percent the lowest increase in unemployed. At the same time, the number of open spots in Austria also fell by 12.8 percent, which underlines the alarming situation on the labor market.

growth rates under pressure

The increasing unemployment problem can be explained by population and growth figures. The difference between the absolute population growth and the percentage growth rates is clearly evident here. While direct population growth represents the concrete change in the number of individuals, the growth rate illustrates how this change has developed compared to the previous population. This can provide troubling insights through the labor market, especially at a time when many companies have to close and thereby decreases the number of jobs, such as an article on omnicalculator.com