Austria's economy in the crisis: Labor market under pressure!

Austria's economy in the crisis: Labor market under pressure!

Wien, Österreich - The Austrian labor market faces a serious challenge! The recession is clearly shown in industry, where the increase in the production of goods is overwhelming at 16.2 percent. The automotive and food industry are particularly affected, which are opposed to increasing unemployment. "It is alarming, since January 2024 we have been observing a continuous decline in employment in the industrial sector," emphasizes Petra Draxl, chairwoman of the board. The overall situation on the labor market is further tightened, because with 83,000 immediately available vacancies, the labor market service records a minus of 12.8 percent compared to the previous year, such as reported.

The construction and commercial sector cannot stand out from the lousy development either: there is only an increase of 4.4 percent for the construction, while only an increase of 10 percent is recorded in retail. What is striking is the strongest increase in unemployment in Upper Austria, where 3,600 KTM employees are affected by bankruptcy. This situation leads to considerable negative headlines and affects the mood in the entire country. The Minister of Labor Martin Kocher (ÖVP) warns that the global economic crisis Austria, as an export -oriented country, is particularly hard.
There are also calculations that show how the economic changes can be expressed in percent to gain better insights into this crisis, such as blitzrechner.de emphasized.

An exciting aspect is that the ÖVP Economic Association still speaks of highly open speeches despite the tense situation. The alliance reports a total of around 152,000 vacant positions, but this is only a weak consolation in view of the shocking economic framework. Critical voices, such as those of the Freedom Party (FPÖ), consider the government to be responsible and regard the weak economy as an insufficient excuse for high unemployment in Austria. The discussion about possible measures to combat unemployment is becoming more and more urgent.