Inflation is up, interest rates are rising, and house prices are falling. But amid all the economic gloom and doom, don’t forget the good news.

The NSW unemployment rate dipped to 3 per cent in October, its lowest since monthly records began in 1978. And that’s just one impressive employment benchmark the state has hit recently.

The unemployment rate in NSW hit 3 per cent in October, the lowest since monthly records began in 1978.Credit:Peter Rae

As total employment in NSW topped 4.3 million for the first time in October, the number of unemployed people fell to 135,500 – the lowest since January 1982. That’s a far cry from the 310,000 seeking work across the state during the early months of the COVID-19 crisis.

NSW has the lowest unemployment rate of any state or territory, and the underemployment rate is also well below the national average (underemployment is a measure of those with a job who would like to work more hours).

ANZ economist Catherine Birch said this was “the best time for several decades to be looking for a job in NSW”.

The NSW participation rate, which measures the share of the working-age population with a job or looking for one, climbed to a record 66.2 per cent in October.

That new benchmark was underpinned by women workers – the female participation rate also hit an all-time high of 62.1 per cent. The workforce participation rate for women in NSW is now 2 percentage points higher than what it was just before the onset of the pandemic.

Birch said pandemic-induced changes to working patterns, including the growing acceptance of working from home, were favourable for women’s participation.

QOSHE - Yes, inflation and interest rates are up, but don’t forget the good news - Matt Wade
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Yes, inflation and interest rates are up, but don’t forget the good news

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04.12.2022

Inflation is up, interest rates are rising, and house prices are falling. But amid all the economic gloom and doom, don’t forget the good news.

The NSW unemployment rate dipped to 3 per cent in October, its lowest since monthly records began in 1978. And that’s just one impressive employment benchmark the state has hit recently.

The unemployment rate in NSW hit 3 per cent in October, the lowest since........

© The Sydney Morning Herald


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