Figures covering the Sep-Nov 2019 quarter eg the new academic year.
The trend for rising employment to new record levels continues, 32.9 Million people or 76.3%. Kids in college rather than on the dole. Official unemployment down to 3.8%. Fewer people aged 16-65 economically inactive. Vacancy levels holding up at around 800,000. Significantly more women in full time employment, mostly due to rise in the state retirement age. Wages still rising 3.2% versus inflation at 1.5%.
At the same time we have sustained low interest rates (mortgage rates) not seen for a couple of generations. Disposable cash must be up, and little incentive to save vs invest (spend) unless you are buffering before a major purchase … pressure building for a kick up to housing market perhaps?
I would think the rapid progress in minimum wage is also encouraging participation in work.
Not sure how this is showing through in productivity, but I do know we are still adding to full time employment numbers at twice the rate the pre-Javid Treasury based its central forecasts on. Despite Brexit and blah blah blah we have more money to spend in public services. Without raising taxes.
So this is good for the government books.
Who else is winning from this, which market sectors and companies? By all accounts we are not spending it on the High Street or on new cars and house prices have been flat, so where … online shopping for fitbits, on takeaways, in the pub, on holiday, on “experiences” … or are we borrowing less on credit cards and paying off the mortgage and putting it into our pensions?
Who is winning from all this?