The post-election economic bounce appears to be more than a fluke. Positive news came in waves this week, as data for employment figures, weekly wages and economic activity painted a good picture for newly-Brexited Britain.
People are in work and wages are finally back on track. Employment has hit a new record high (76.5 per cent) while unemployment has dropped to a new 44-year low, at 3.8 per cent. Most notably, weekly wages are (finally) back to their pre-financial crash levels ie, the highest since March 2008. And yes, it has taken a very long time get here – it has been the slowest wages recovery in economic history – but the pre-crisis target has been surpassed years before forecasters like the Institute for Fiscal Studies predicted.
Meanwhile economists over at Oxford Economics show how “flash” improvements for the private sector in January have actually been maintained throughout February.
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