Jobs boom with record participation rate

Employment in NSW grew by 61,900 full-time jobs in May and the participation rate increased to a record high of 66.2 per cent according to the latest data from the ABS.
 
Employment across the State is now 133,000 above the pre-COVID level and more than 90,000 above the pre-Delta peak.
 
Treasurer Matt Kean said today’s results were very positive for the State with the participation rate jumping by 1 percentage point, now sitting 0.9 percentage points above pre-COVID levels (Feb 2020).
 
“Employment growth is booming in NSW and we’re seeing record participation rates, well above pre-pandemic levels, and this is no fluke. Our nation-leading response to the pandemic helped families and businesses across the State with more than $47 billion in support since March 2020,” Mr Kean said.
 
“Our record participation in the NSW workforce is being driven by the continuing rise in female participation which is now at record levels.”
 
The female participation rate hit a record 61.9 per cent, well above the pre-COVID level of 60.2 per cent. The male participation rate rose by a strong 1.2 percentage points to 70.7 per cent, also above the pre-COVID levels.
 
The number of hours worked rose by 2.2 per cent in May, despite continued Omicron-related illness and an uptick in flu cases. Hours worked is now 2.7 per cent above December 2021 levels.
 
The large jump in participation meant that the unemployment rate rose 0.5 percentage points to 4.0 per cent in May, up from last month's record low.
 
“The unemployment rate in NSW remains low and the number of hours people are working has seen a strong increase as we continue to recover from the impacts of the pandemic,” Mr Kean said.
 
“Month-on-month we’re reaping the benefits of the NSW Government’s strong economic management throughout the challenges of the pandemic and our recovery.”