Westpac senior economist Justin McCarthy says the overall recovery in the "labour market over recent months has been nothing short of spectacular."
A total of 134,700 jobs have been created in the last three months and the national unemployment rate has fallen to 5.2% - the lowest since December 1976.
McCarthy says the most significant trend is full-time employment rising by 28,900, pushing the annual rate of growth up to 27%.
He also warns of recent labour market data being at odds with other official measures of economic activity such as national accounts and retail spending data.
"We restate our view that both the latter indicators (national accounts and retail spending data) are sending the wrong signal," he says.
"We suspect the GDP figures will be revised higher and that there are sampling problems with the retail survey."
According to Westpac economists, recent surveys including the Westpac-ACCI survey have been exaggerating the robustness of the economy.
Nonetheless, McCarthy says: "The pace of the acceleration is surprising."
And it's even better news for Queenslanders.
Queensland school leavers are entering a more favourable job market than any of their predecessors.
Data from the Australian Bureau of Statistics shows Queensland's trend unemployment rate has dropped below Premier Beattie's long-term 5% target to 4.8%.
Beattie says the figure is a new record in the job figure series which began more than 26 years ago.
"To record our lowest ever trend unemployment rate and at the same time record the highest ever participation rate in the current series speaks volumes for our job generating capabilities," he says.
"More and more people are looking to enter the labour force in Queensland and my government is delivering with more and more jobs."
Deputy Premier and Treasurer Terry Mackenroth says Queensland is providing an expanding and dynamic job market full of opportunities for jobseekers, including school leavers.
"Queensland has rolled out an outstanding year of job creation and we have capped it off by cutting our trend employment rate of 0.5% below the national rate of 5.3%," he says.
In the 12 months to November, Queensland accounted for 97,200 or 41% of jobs created nationally.
"During the same period, our annual employment growth (5.3%) was more than double the national average (2.5%)," Mackenroth says.
He adds statistics earlier in the week showed Queensland having 14.6% more job advertisements last month than it did a year ago, giving jobseekers a welcome boost heading into the Christmas period.