Originally Posted by
DomyDom
At 10.1% the UK inflation rate is increasing, the only Western European country in double figures and above the EU average. "Employment is full" meaning insufficient baggage handlers, airport catering staff, aircrew and more delays/cancellations 🤣.
The disconnect here is looking at data versus narrative.
If we look at the published UK Employment Participation Rate, it has only been higher in one year out of the last 50. Yes we absolutely have full employment. Fortunately we don’t measure that in baggage handlers we look at the whole economy.
My inflation comment was forward looking. It is far more instructive to look at PPI if you want to see where CPI is heading, especially when people are commenting on 2024. PPI has started to decline. See Office for National Statistics.
The problem with looking at the current narrative rather than directly at the best data is that we are left with the conclusion that because it looks bad now it can only ever get worse.
If that was true, the world would have ended many times over. The really good news is that it didn’t.