Development of Working Time and Employment in Austria
In the two major crises of the last 12 years (financial market and economic crisis, COVID-19 crisis), the drastic slump in production and value added was only reflected in the labour market to a significantly lesser extent. This is mainly due to a reduction in working hours per employee. Although the use of short-time work contributed to this decline in working hours, it was by no means its sole cause – especially during the financial market and economic crisis. This study draws on data on macroeconomic development, the development of working time and the use of short-time work. It examines the questions of whether, in which economic phases and to what extent changes in working time influence the relationship between economic growth and employment and to what extent the development of these two variables has decoupled from each other.