In August, unemployment fell to an 11-year low. Despite this, the government is now preparing for several possible scenarios in the autumn.
Basically, the government can be happy about a very positive development on the labor market. At the end of August, only 309,431 people were registered with the AMS, 49,019 of whom were unemployed and 60,412 were in training. The unemployment rate was 5.9 percent, the lowest since the end of August 2011.
Compared to the previous month, however, there was an unusually high increase of 12,783 people, which was basically to be expected due to seasonal factors. This is due to the difficult geopolitical situation.
The currently low value is due on the one hand to the improving reference values of the previous year, but on the other hand also to the negative economic effects of the Russian war of aggression in Ukraine and the associated increase in energy prices and the general uncertainty. Means: Many entrepreneurs are running out of money due to rising bills, which is why they have to part with employees.
Electricity price brake fixed
Due to the numerous crises, autumn also has the potential “to be characterized by less dynamics on the labor market,” according to a government information statement, formulated very carefully. “At the moment, the federal government is preparing intensively to be prepared for all possible scenarios.”
For the first time, comments are also made on the “electricity price brake, which will be presented in the coming days.” This should relieve people directly of the high energy costs.
Prepare for fall
“At the end of August, 309,431 people were registered as unemployed or in training in Austria. This means that unemployment at the end of August was 37,881 people lower than a year ago. Compared to the year before the crisis, 2019, significantly fewer people were unemployed or in training, namely 21,260”, explains Labor and Economics Minister Martin Kocher.
It is important to him to be prepared for all scenarios that can occur in autumn. “We are currently in intensive coordination on specific measures such as the energy cost subsidy or the electricity price brake to support people and companies in Austria in view of the rising prices in addition to the direct aid that has already been decided.”