Unemployment in Austria remains high. There was an increase in short-time working.
Slight relaxation on the Austrian labor market: As the Ministry of Labor announced at a press conference on Tuesday, 441,482 people are currently unemployed, 8,500 fewer than a week ago, and 71,416 are in training. That is an increase of 1,500 people. On balance, 7,000 fewer people are unemployed than in the previous week.
Around 485,000 people are currently on short-time work, 20,000 more than in the previous week. Short-time work is still used intensively – especially in the industries affected by the lockdown – and is thus the most important crisis instrument.
The weekly development of the gross domestic product (GDP) measured by the Economic Research Institute (WIFO) shows a decline in economic output (GDP) of nine percent compared to the previous week for calendar week six. In the previous week, this weekly WIFO economic index (WWWI) was even worse at more than minus 13 percent below the same period of the previous year.
