Chipper Mark Carney’s good news day seems a good time to check in on our Misery Index. Unemployment is down, inflation is down and growth is up, so across the land there are warm smiles and happy faces everywhere. Maybe. The seasonal drop in public sector borrowing has had a big impact too. We are the least miserable we’ve been since 2010.
N.B. stats bods can check Guido’s adding up here.
Co-conspirator Tom Cook says breaking it down into components “still shows the overall picture clearly but shows which factors lead to changes – especially helpful given some of the wild swings in the total. This presentation shows that most of the volatility is from public sector borrowing, while the longer term trend is from falling inflation and unemployment.”