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Striking that real wages have only just now got back above pre-crash level, even as employment hits another record high. Tight labour market does now appear to be translating into higher wage growth but far from pre-crash bonanza...
(Part of this is about Britain's flexible employment model, which effectively traded wage growth for people keeping their jobs post-crash - definitely better than the alternative.)
Full details via @ONS here. Also worth noting that productivity remains utterly cruddy, as ever... ons.gov.uk/employmentandl…
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Robert Colvile
@rcolvile
‘Free trade is God’s diplomacy’ - Boris giving it a welcome blast of the old religion. (This time quoting Cobden.)
‘Britain is ready to take off its Clark Kent spectacles and emerge from the phone booth’ as the global champion of free exchange.
Well, that was as bracing a commitment to free trade as anyone could have hoped for. Also sets out his red lines on trade deal very clearly - and in very sharp contrast to the EU’s own demands...
Read 3 tweets
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Robert Colvile
@rcolvile
George Orwell died 70 years ago tomorrow - which means his works will be out of copyright. Suggestions please (inspired by @mePadraigReidy) for the best/worst sequels/spinoffs that might result...
(Nineteen Eighty-Five: Winston's Revenge is already at the commissioning stage.)
Apologies all - copyright holds till 2021, as per RTs. So write it now, but publish later...
Read 3 tweets
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Robert Colvile
@rcolvile
Am perennially fascinated by the public's optimism/pessimism bias, and how it applies to politics. Quick thread follows.
As I've pointed out before, people in the UK are generally pretty happy - and getting happier. See for example this from @ONS wellbeing stats
Yet at the same time, they're pretty pessimistic about both the future and politics. If you ask people 'Are you satisfied with how the govt is running the country?', you have to go back to 1999ish to get a consistently positive answer ipsos.com/ipsos-mori/en-…
Read 11 tweets

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Lee Jacobson
@leejacobson_
Some thoughts on the irrational exuberance I've seen in the US stock market over the past couple of months... 1/n
US stocks are currently trading at their highest valuations for over 100 years. The only time they've traded higher was during the dotcom bubble and in the midst of the 2008 financial crisis after corporate earnings collapsed.
imgur.com/sGX92ac 2/n
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Elise Gould
@eliselgould
2019 ends with solid job growth and tepid wage growth.
epi.org/press/2019-end…
1/n #Jobs #JobsReport #BLS #Wages
This morning’s report from the Bureau of Labor Statistics shows that December payroll employment growth was 145,000 and year-over-year nominal wage growth was 2.9%—the lowest it’s been in 18 months. The unemployment rate came in at 3.5%, holding steady since November.
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Baba97
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Ernie Tedeschi
@ernietedeschi
Happy Jobs Day all! Quick thread about how to think about the numbers.
First, what would a good jobs number be? I think the best signal of strong jobs growth is when jobs grow faster than both the labor force and population.

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As the chart shows, jobs growth in the US has been doing well recently, comfortably exceeding population growth by a wide margin, and in line or slightly above labor force growth. Over the last 3 months, jobs have grown by an average of +176K. /3
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John Fingleton
@JohnFingleton1
A thread on the #Labour Labour Party's #BroadbandForAll policy. There are three elements: 1; #zero price #freebroadband, (2) #Nationalisation and (3) #monopoly.
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Joseph Stalin
@StalinIsBack
1/8 My favorite #quote by #JosephStalin, which explains the scientific, #DialecticalMaterialist explanation of true freedom in material reality, not just as an abstract ideal. #StalinIsBack #StalinLives #JVStalin #Stalin #StalinQuote #StalinQuotes #Truth #MELS #MarxismLeninism
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