NSW unemployment rate lowest on record as jobs rebound

NSW has posted its lowest unemployment rate since current records began, falling 0.5 percentage points to 3.7 per cent in February as the State economy rebounds following the Omicron outbreak.

NSW recorded the lowest unemployment rate among the states and now sits well below the national unemployment rate of 4 per cent, according to the latest figures released by the Australian Bureau of Statistics today.

Treasurer Matt Kean said the Labour Force data highlighted the effectiveness of the NSW Government’s targeted support of the State’s economy throughout the pandemic.

“These record-breaking unemployment numbers are a direct result of the NSW Government’s handling of the economy throughout successive COVID-19 waves, and our effective recovery strategy,” Mr Kean said.

“The unemployment rate is at a record low, more people are re-entering the workforce and there’s been a boost in hours worked across the State.”

ABS data showed NSW’s lowest unemployment figure since monthly records began in February 1978, with employment increasing by around 57,880 jobs and monthly hours worked rising by a strong 14.3 per cent in February.

The NSW employment results were driven by a rise in full-time employment (+38,002) and an increase in part-time employment (+19,879).

The NSW participation rate also rose by 0.5 percentage points to 65.4 per cent in February. Employment in NSW is now 87,100 above its pre-COVID level.

“Today’s results paint a picture of a resilient economy roaring back to life, with our high vaccination rates and agile businesses enabling us to bounce back better into a strong recovery phase,” Mr Kean said.

“In the coming months I’ll be outlining the further work we’ll be doing to keep the economy strong through initiatives such as the Women’s Economic Opportunities Review, our record infrastructure spending, our science and technology investment agenda, and keeping energy prices low through the Energy Infrastructure Roadmap.”

/Public Release. This material from the originating organization/author(s) may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.