Almost 9,000 new jobs opened up in NSW in January, proving that the state is capable of holding its own amidst a host of economic circumstances, both national and global.
February’s numbers show a strong continuation of this trend. New figures from the ABS Labour Force were released Thursday which show an employment rate in NSW holding on at 5.8 percent, this despite an increase nationwide from 5.8 percent in December to 6.0 percent in January. Conversely, Australia on a whole lost 3700 jobs the same month.
State Treasurer Mike Baird expressed his optimism over NSW’s economic situation. He stated that he is encouraged by these figures because they, “show the labour market in NSW holding its own in testing national and global circumstances.” Baird also pointed out that this economic upturn is giving Australians more confidence to go out looking for employment and are having success in landing them. Business conditions in NSW are at at levels higher than they have been in over 2.5 years, according to Baird.
It’s a change that’s certainly been noticed by NSW Compensation Lawyers. These new numbers show NSW emerging as a true economic pace-setter in Australia. February’s numbers were even greater with the addition of almost 14,000 new jobs, per seasonally adjusted numbers provided by the Bureau of Statistics.
Western Australia as a region typically shows lower unemployment rates owing to the labour demands brought on by the area’s mining boom. But the Bureau also reports a 5.9 percent unemployment rate in WA – a 1.7 percent jump – over the past three months, seasonal adjustments applied.
While unemployment numbers do fluctuate, NSW’s economic strength are clearly observable in its ability to maintain those number even in a waning nationwide economy. According to data released last week, growth in state final demand has been stronger in NSW over the past two quarters than in any other state. This is not only a key indicator of economic performance, it is also a first for the state.
These positive numbers follow on the heels of weeks of negative reports including talks between Qantas and unions over 5000 job cuts and plans to close auto manufacturing plants in South Australia and Victoria. CommSec economist Savanth Sebastian commented that, “Hopefully, the latest data will shift attention to the main engine of job creation – small and medium-sized businesses – rather than the job losses at a small number of larger companies.”
During the same time period, Australia’s national unemployment figures remained unchanged, despite the creation of 47,000 new jobs during the month of February. Full-time employment had a gain of 80,5000 nationwide, but those figures were offset by a drop of 33,000 in part-time. As of now, Australia’s unemployment rate remained fixed at 6.0 percent.
While NSW enjoys the lowest current unemployment rate, they are second to Queensland, which had saw the greatest rise in job creation. But even the addition of 30,000 only amounted to a shift of 0.1 percent in the unemployment rate, taking it from 6.2 to 6.1 percent.