The Covid-19 economic crisis is hitting the Hunter hard and fast with statistics from the Hunter Business Chamber show that 36,000 jobs were lost in the Hunter region in May and youth unemployment in the Newcastle and Lake Macquarie area having skyrocketed to 26.8 per cent.
The Hunter has 18,500 businesses on life support who have taken up the Job Keeper Scheme, which is due to end in September where we can expect more job losses unless the Morrison GOVT extends the Job Keeper Scheme.
This suggests the region has a long road ahead to recover economically from the pandemic,
I think the youth unemployment figures in Newcastle and Lake Macquarie, in particular, point to the impact on industries such as retail, hospitality, arts and entertainment and tourism, which traditionally employ high numbers of young people.Hunter Business Chamber CEO Bob Hawes said
Not withstanding that youth unemployment is typically a volatile measure, the Newcastle figure is still significantly higher than anything we have seen in a long time.