BY BELLA MIDDLETON
Unemployment rates across the Hunter have significantly dropped, according to new data from the Australian Bureau of Statistics.
In December 2022, the unemployment rate in Newcastle and Lake Macquarie dropped from 3% to 2.8% percent, while the Hunter Valley rates dropped from 4.6% to 2.7%.
The drop sees the Hunter region outperform the rest of New South Wales, with the state-wide average sitting at 3.5%.
Business Hunter CEO Bob Hawes, said the numbers paint the picture of a strong and healthy economy across the region.
"This is unheard of in recent times. These figures continue to show a bright picture for people in our region seeking work and no signs of a change in the difficulties businesses are having seeking to attract workers from the ranks of the unemployed," Mr Hawes said.
Youth unemployment rates across the area are also stabilising at 7.5%, which has halved compared to pre-COVID figures across the region.
"It's really showing that the youth, if they want to give themselves the opportunity to join the workforce, they can do so. That's really encouraging, given the start we need those people to have in life, in terms of workforce commitment and engagement," Mr Hawes said.
"We've got plenty of businesses that are as busy as they've ever been, and we think on-balance, the region will do quite well, even though many economists are tipping a downturn towards mid-2023."
The workforce participation rate in Newcastle and Lake Macquarie has remained above the 70% mark, with the Hunter Valley rates returning to its pre-Covid figure of 64%.
Over 32,700 jobs have been created in the Hunter region since December 2019, a growth of 9% at a time when the ABS estimated the workforce grew by 6.7%.
