The NSW unemployment rate has reached a record low, falling to 3.2% (3.0% seasonally adjusted) in October,ย 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 Stateโs participation rate increased strongly by 0.3 percentage points to a record high 66.3%. Womenโs participation is also at a record high of 62.1%.
Treasurer Matt Kean said the NSW Governmentโs strong economic management put the State in a position to continue to create full-time jobs despite the current economic headwinds.
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โThe pace of employment growth has increased month on month with October the strongest rate of growth since May 2022,โ Mr Kean said.
โOur robust NSW economy means our record low unemployment rate continues to sit below the national unemployment rate of 3.4%.
โThe record high womenโs participation rate comes on the back of the 2022-23 Budget measures to increase womenโs economic opportunities.
โNSW is maintaining the lowest levels of unemployment on record, despite the challenges of rising interest rates and inflation.โ