The weak economic development continues to strain the labor market. According to the Ministry of Labor, 371,648 people were registered as unemployed or in training with the Public Employment Service (AMS) at the end of October. This figure represents an increase of 32,752 individuals compared to the same period in the previous year, 2023, as stated by Labor Minister Martin Kocher (ÖVP) during a press conference on Monday.

There are “initial signs” to be “cautiously optimistic” about economic growth, the minister added, referring to the WIFO GDP estimate for the third quarter. Economic recovery is essential for “stabilizing” the labor market.

At the end of October, the unemployment rate stood at 6.9 percent. Over the past decade, the average unemployment rate for October has been 7.5 percent, according to the Ministry of Labor.

Kocher also highlighted that, “despite the increased unemployment, the number of job vacancies remains high, at 87,484.” He noted the increase in employment figures as “encouraging.” Compared to the same month last year, an additional 9,000 people, or 0.2 percent, were employed at the end of October. For those over the age of 50, an additional 16,000 people were employed, according to the Ministry of Labor. In absolute terms, “this represents a new record for October,” said the labor minister.