The effects of the first pandemic wave on the labour market
Despite the economic recovery over the summer, the situation on the Austrian labour market was by no means able to relax completely until the outbreak of the second wave of pandemics. Some service sectors in particular remained particularly badly affected, which was also decisive for the development of unemployment by gender, educational level, age and nationality. The deterioration in the labour market situation during the second wave of the pandemic is following familiar patterns. We only expect a relaxation when there is a sustained economic upswing from the second half of 2021. While unemployment will remain above the pre-crisis level for a few years, the pandemic is expected to accelerate structural changes in the labour market, for example through online retailing, which is now gaining in importance more rapidly.
Note: The entire study in only available in German on our homepage at https://www.bankaustria.at/wirtschaft-online-wirtschaftsanalyse-oesterreich.jsp
as of January 2021.
- Length: 5 pages
- Language: English