Heteronomics - UK: pay subsidised back to peak pace

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Heteronomics

Philip Rush

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UK: pay subsidised back to peak pace

- UK wage growth surged again in Nov-20 to comfortably exceed expectations, with a further rise in December likely to take the pace to its highest since 2008. Growth is broadly experienced, despite most industries laying off staff.
- Lockdown in January has caused vacancies to be withdrawn again as demand for labour disappears. The rise in redundancies is also likely to temporarily reverse, though, amid the return of furlough, which should keep deferring the spike in unemployment.

26/01/2021 3 EN

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Heteronomics

Heteronomics provides UK-centric macro research. A hallmark attention to detail delivers a depth of analysis beyond what the sell side now delivers. Clients can also experience events that privately provide insights on these topics. Have a bespoke request for research or an event? Let us know. Clients can expect assistance with their own requirements to the extent it doesn't impinge upon other clients. Think of it as retaining an expert economist, without the large overhead.

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Analysts

Philip Rush

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UK: pay subsidised back to peak pace

Riksbank: hopeful for vaccine dividend

BoE: preparing policy like a Scout

Italy: Dragging in Draghi

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