Figures from the Hunter Valley Research Foundation released yesterday show the Upper Hunter is a forerunner in the State's economic recovery from the financial crisis, with positive growth across almost all sectors.

Foundation research fellow Jenny Williams said the most recent employment, business and consumer figures for the Upper Hunter indicated a "V-shaped recovery" from the lows of late 2008.

"All three [figures] are looking to have turned around," she said.

"It really looks like the Upper Hunter missed out on the worst of the downturn."

Employment rose by 2800 (10.6 per cent) on the previous year while unemployment rose only slightly.

"The good news for the Upper Hunter is that unemployment has remained fairly steady at historically low levels," Mrs Williams said.

She said that early signs were that the positive trends should continue.

Upper Hunter Shire Mayor Lee Watts said the employment figures reflected the efforts of industry to keep their workers during uncertain times, and was cautiously optimistic about the region's prospects.

"I think we need to be a little bit cautious about not jumping on the bandwagon," Cr Watts said.

"Definitely be optimistic about it, but have that little cautious thought in the back of our heads."