Unemployment rate hits record low while women’s participation reaches record high
The NSW unemployment rate has reached a record low, falling to 3.2 per cent (3.0 per cent seasonally adjusted) in October, the lowest across the nation this month and the lowest since monthly records began in 1978.
According to the latest ABS data released today, the NSW jobless rate was down 0.3 percentage points from September, driven by a rise in full-time employment of 42,200 people.
Overall, NSW created 34,600 jobs in October, helping keep the nation in positive territory with 32,200 jobs created across Australia.
The State’s participation rate increased strongly by 0.3 percentage points to a record high 66.3 per cent. Women’s participation is also at a record high of 62.1 per cent.
Treasurer Matt Kean said the NSW Government’s strong economic management put the State in a position to continue to create full-time jobs despite the current economic headwinds.
“The pace of employment growth has increased month on month with October the strongest rate of growth since May 2022,” Mr Kean said.
“Our robust NSW economy means our record low unemployment rate continues to sit below the national unemployment rate of 3.4 per cent.
“The record high women’s participation rate comes on the back of the 2022-23 Budget measurs to increase women’s economic opportunities.
“NSW is maintaining the lowest levels of unemployment on record, despite the challenges of rising interest rates and inflation.”
