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Labour Market 2023 in the Wake of Economic Downturn

Author

Listed:
  • Julia Bock-Schappelwein
  • Rainer Eppel

    (WIFO)

Abstract

In 2023, the Austrian economy suffered from the weak international economic climate and the high price level, which dampened private household consumption and – together with high interest rates – corporate investments. The economic downturn gradually impacted the labour market. Employment growth was significantly weaker than in 2022, unemployment began to rise in April 2023, and increased further in the spring of 2024. In addition to economic weakness, the inclusion of displaced persons from Ukraine in the unemployment statistics and an increased registration of refugees and persons with subsidiary protection, contributed to the rise in unemployment. The number of job vacancies decreased. An improvement in the labour market situation is not expected until 2025, once the economy has regained momentum.

Suggested Citation

  • Julia Bock-Schappelwein & Rainer Eppel, 2024. "Labour Market 2023 in the Wake of Economic Downturn," WIFO Reports on Austria, WIFO, issue 6, June.
    • Handle: RePEc:wfo:repoau:y:2024:i:6
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    File URL: https://www.wifo.ac.at/wwa/pubid/71626
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