Austria’s unemployment rate stands at just 6%, as per the latest figures published by the country’s Public Employment Service (AMS).

This is the lowest unemployment rate in 14 years, The Local reports, and underscores the labour market is weathering the current inflationary pressures.

A total of 319,232 people were out of work or in training throughout the country at the end of October, around 22,000 less than a year ago, and 35,000 less than in 2019 before the pandemic.

According to AMS managing director, Johannes Kopf, the findings indicate “a few more months of joy” and highlight a robust construction sector as one of the reasons why the rate is so low.

Industry unemployment has fallen 12% and job losses in trade have edged down by 10%. Whereas in gastronomy and hospitality throughout the country, the number of people registered unemployed fell 1%, yet in terms of temporary work, the rate reduced by 14%, the report goes on to say.

In addition, last month the number of job vacancies in Austria increased by 10% compared to October last year. Long-term unemployment has nearly halved since its high recorded back in April 2021 when 148,436 people were long-term unemployed. As it stands now, 78,201 people are currently long-term unemployed.

Furthermore, as businesses recover from the Covid-fuelled lockdowns, the decline in short-term employment across the country has also led to the low unemployment stats.

According to a flash estimate by Statistics Austria, the country’s inflation rate stands at 11% for October, predominantly driven by soaring global energy prices.