The Hunter’s economy is experiencing a reality check.
The Hunter Valley Research Foundation is predicting the current doom and gloom market will continue until the end of the year.
The Hunter’s economy is slowing down.
In its latest economic snapshot, the Hunter Valley Research Foundation has found consumer confidence has taken a battering, and in turn we’re spending less.
“We know that residential building approvals and new vehicle registrations as indicators of consumer spending, are both pretty weak, businesses are likewise, starting to feel the effects of an economic slowdown.”
However it’s yet to hit the labour market, with unemployment hovering around five per cent, and 11,000 more people in the region are in jobs than at the same time last year.
But businesses are beginning to take short-term measures to try to ride out the downturn, by cutting overtime.
“If things don’t pick up then that’s a precursor to perhaps higher unemployment and weaker employment towards the end of this year for the Hunter.”
The Hunter’s results reflecting a nationwide slump.
“I think people can take some comfort in knowing that no, this is a wider change going through the economy and like all things in the economy, it’s a cycle.”
A cycle dependent on global happenings.
“Next six months, pretty much more of the same I suspect, the good news is petrol prices if anything will be lower and interest rates almost certainly aren’t going up anymore.”
Penny Evans NBN News
