Predictably awful UK industrial production data this morning - predictable because we have already seen the dire Q2 GDP data, which we blamed on the weather (a bit) and the Jubiilee (mostly). But here's a chart of annual GDP growth and annual employment growth. The red line shows year-over-year percentage gowth in workforce jobs, the black line percentage growth in real GDP. I may update it too look prettier when I have time. But the story is obvious - the lasst time we had this pace of job creation we had 3% GDP growth, not a recession at all.
I don't think the UK economy is powering ahead, but I don't believe the official GDP data, either.....
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