Weaker Labour Market in 2019 and the COVID-19 Shock in Spring 2020

In 2019, the slowdown in the economy had a delayed impact on the labour market. The upturn on the labour market in 2017 and 2018 only continued in a weaker form: employment continued to grow, but at a much slower pace. The decline in unemployment slowed down noticeably. With the outbreak of the COVID-19 pandemic and the subsequent countermeasures in mid-March 2020, the upward trend came to an abrupt end. Unemployment skyrocketed, reaching its highest level ever since World War II at the end of April. COVID-19 short-time work prevented even greater job losses. Nonetheless, the decline in dependent employment was the highest since the 1950s.