Chief Economist, Heteronomics

Phil Rush

Philip Rush is the Founder and Chief Economist of Heteronomics. Until launching in November 2016, he was Nomura's Senior European Economist and was the Chief UK Economist there since 2010. Before that, he was UK Economist at Barclays Wealth, where he also developed strategic asset allocation models for their market return portfolios. Philip started his career at Lehman Brothers covering the UK, Scandinavian and Swiss economies. A book on his fundamental framework was published in January 2018 as "Real Market Economics".

Chief Economist

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul>
<li>Adjusted UK labour market data report the unemployment rate at 4.2% again, with activity levels continuing to trend higher. Lower weekly job vacancies look seasonal.</li>
<li>Wages retreated in October after September’s surge, shocking expectations. Without revisions, which are consistently higher, growth may settle near 6% in the new year.</li>
<li>Wage settlements are resilient while the unemployment rate has stopped rising, suggesting the cyclical slowdown is ending prematurely, sustaining hawkish pressures.</li>
</ul>


Adjusted UK labour market data report the unemployment rate at 4.2% again, with activity levels continuing to trend higher. Lower weekly job vacancies look seasonal.
Wages retreated in October after September’s surge, shocking expectations. Without revisions, which are consistently higher, growth may settle near 6% in the new year.
Wage settlements are resilient while the unemployment rate has stopped rising, suggesting the cyclical slowdown is ending prematurely, sustaining hawkish pressures.


UK: Growing Through Pay Blip