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UK government figures out today show a 1.5% shrinking in the size of the economy in the first three months of the year – huge by pre-covid standards, but better
Scratch below the surface and recent unemployment statistics appear to be less favourable than you might have heard.
On 29 March, while Brexit monopolised public attention, the ONS released a large amount of data that serves as an indictment of the UK economy.
Avoiding real wage falls for a grand total of nine months – outside of recession time, no less – is not cause for celebration.
The Financial Times reported positively on August’s employment statistics – but a deeper look into the data reveals some strange trends.
Despite record rates of unemployment, wage growth has slowed and underemployment remains high – workers are ultimately bearing the cost of labour market power imbalances and underinvestment.
Today the ONS released its first estimates of GDP growth in April-June 2018. Here, the PEF Council react to the figures and tell us what they mean for the UK economy.
PEF economist Michael Davies warns against false optimism off the back of the latest ONS Wealth and Assets Survey results, and highlights the particular challenges faced by young people and the North East.
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