372,000 without a job

Further rise in unemployment in October

(Bild: P. Huber)

The weak economic development continues to weigh on 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 means that unemployment is 32,752 people higher than at the same time in 2023.

The unemployment rate at the end of October was 6.9 percent. According to the Ministry of Labor, the average unemployment rate over the last ten years was 7.5 percent in October.

Kocher hopes for economic recovery 
There are "initial signs" that we can now be "cautiously optimistic" about economic development, said Labor Minister Martin Kocher (ÖVP) at a press conference on Monday, referring to the Wifo GDP estimate for the third quarter. The economic recovery is a prerequisite for "stabilization" on the labour market.

Number of job vacancies "remains high"
Kocher pointed out that "in view of the rise in unemployment, the number of job vacancies remains high" at 87,484. Kocher described the increase in employment as "pleasing". Compared to the same month last year, 9,000 more people, or 0.2 percent, were in paid employment at the end of October. According to the Ministry of Labor, there were an additional 16,000 people over the age of 50. In absolute figures, "this corresponds to a new record value in October", said the Minister of Labor.