Employment
Employment
The employment data for the Hunter region (see below and footnotes for region definitions) shows significant fluctuations. The region had continuous growth in employment before reaching a peak of 262,800 full-time jobs in September 2023. Since September, almost 17,000 full-time jobs were shed to February 2024, equating to approximately 6% of the full-time workforce. The March and April data shows a reversal of this trend, with 9,700 new full-time jobs added. In comparison, New South Wales (NSW) only saw a return to employment growth in April, with a 0.7% increase in the full-time workforce from a low in March 2024. Part-time employment both droppped and recovered faster than full-time employment. The lowest levels of part-time employment were in October 2023, with an increase of 11,400 part-time jobs, or 10.5% of the part-time workforce since. Note that for the Hunter, employment statistics are collected at the Statistical Area Level 4 (SA4), including the SA4s of ‘Hunter Valley excluding Newcastle’, and ‘Newcastle and Lake Macquarie’, but excluding the Mid-Coast LGA which is classified in the Mid North Coast SA4 region. Hence data for the Hunter Region in this section excludes the Mid-Coast LGA.
Data source: ABS Labour Force, Australia, Detailed
Unemployment
Data source: ABS Labour Force, Australia, Detailed
In the latter part of 2023 and early 2024, the Hunter region’s unemployment rate reflected the fluctuations of the employment data. In October 2023, unemployment stood at 2.7%. By November, it had increased to 3.5%, before decreasing slightly to 2.9% in December. However, January 2024 saw a sharp rise to 4.5%. Since then, unemployment decreased again, with the latest data for April returning an unemployment rate of 3.1% for the region. Newcastle and Lake Macquarie statistical area had a rate of 2.5% in April, whilst the rest of the Hunter had an unemployment rate of 4.1%. These rates compare to a notional figure of circa 4.5% for the ‘non-accelerating inflation rate of unemployment’ or NAIRU. Unemployment rates far away from the NAIRU are expected to help fuel wages growth and inflation. Note that the values expressed here are with a 3-month moving average.
Data source: ABS Labour Force, Australia, Detailed
Employment - by industry
The start of 2024 saw declines in employment in the primary sector, with agriculture, forestry and fishing and mining reducing 2200 full time equivalent employees (FTEs), 1600 in the mining sector alone. In contrast, manufacturing was up 1500 FTEs and utilities down 800 FTEs. Mixed results were evident in the service sector, with hospitality and wholesale trade putting on a combined 1900 FTEs, compared ot a reduction of 2200 FTEs for retail trade. Health care and social assistance was the largest growth sector, continuing significant previous growth in the sector. For the quarter to February 2024, 4700 FTEs were added in the sector.
Data source: ABS Labour Force, Australia, Detailed
The University of Newcastle acknowledges the traditional custodians of the lands within our footprint areas: Awabakal, Darkinjung, Biripai, Worimi, Wonnarua, and Eora Nations. We also pay respect to the wisdom of our Elders past and present.