With the mining sector slowdown starting to weigh on the region’s economy, the Hunter’s unemployment rate is expected to rise.
The latest research foundation figures suggest the immediate outlook is bleak and entrepreneurship, adaptation and innovation will be the key words for as the Hunter moves away from the resources boom.
This is according to the latest data from the Hunter Valley Research Foundation’s (HVRF) Hunter Region Economic Indicators, for the June quarter.
Overall, future change looks difficult for the region with possible higher unemployment and slower economic growth.
However figures currently show the Hunter economy is flying, with a total employment growth of 4% and an unemployment rate of 5.1%. Critically the number of employment advertisements has plummeted by 50%, implying economic drivers anticipated to replace resource-driven growth are yet to emerge.
Director of Research Simon Deeming says the decline in resources informs much of the data. “This gradual medium-term improvement will be set against the stark short-term consolidation of large-scale, resource-based activity.”
The June quarterly publication can be found here
