An unsettled manufacturing and construction sector has contributed to a rise in unemployment and weaker business activity in the Hunter according to June quarter economic indicators.
The Hunter Valley Research Foundation report found that the region’s economy was following the national trend of slow growth and lack of consumer confidence.
The total number of people employed in the Hunter is just over 300 000, with the unemployment currently sitting at 5.4%.
The retail sector has again taken a hit, with a decline in profits despite increased retail trade in the region.
The foundation attributed this to aggressive discounting in retail sales.
Coal exports from the Port of Newcastle have increased to 117 million tonnes, showing again its importance to the economy, while other sectors are experiencing weaker business confidence.
On the real estate front recent interest rate cuts have failed to boost the market, it remains flat with higher rental prices causing increasing levels of rental stress.
