Report
Philip Rush
EUR 116.49 For Business Accounts Only

UK: productivity pains intensifying

- UK employment data beat expectations again in Oct-20 with only a 143k 3m-o-3m decline driving a 19bp rise in the unemployment rate to 4.94% (5.1% forecast). Furlough is likely to prolong adjustments and push more of the pain into productivity again.
- Recessions routinely break productivity trends with permanent costs that are widely ignored. I remain a productivity pessimist, with recent data and policy intensifying this view. The UR peak I expect keeps pushing lower and later, to about 7% in mid-21.
Provider
Heteronomics
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.

Analysts
Philip Rush

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