NSW unemployment rates fell to 5.7% in August to remain the 2nd lowest in Australia and well below the national average.
The latest labour force figures (link is external) from the Australian Bureau of Statistics show the State’s unemployment rate dropped by 0.2% last month. NSW contributed over 30% of the new jobs created nationally in August.
NSW Treasurer Andrew Constance said the results highlight the strength of the NSW economy with over 45,000 jobs created last month.
“The NSW unemployment rate has been below the national average for nine consecutive months now, and since 2011, the NSW Government has created over 165,000 jobs”, Constance said.
Constance also said he was encouraged by a 63.6% participation rate in NSW, indicating growing confidence in the jobs market.
Labour force participation rates are defined as the labour force (people either employed or unemployed), as a % of the population.
“The NSW Government is investing in the key drivers of the economy, and as a result over the past three and a half years, we have seen NSW go from last on a range of economic indicators to be now leading the nation”, Constance said.
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