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

UK: GDP Rebound Crushes Current Recession Fear

UK: Labour Market Enduring Political Earthquake

UK: Uncertainty Effect Intensifies in Sep-19

UK: Jul-19 Surveys Still in Gloomy Ranges

UK: IP Signs Converge on Contraction in 2Q19

UK: GDP Contraction Before Brexit Bifurcation

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><em>The UK manufacturing PMI fell to 47.4 in Aug-19, broadly in line with the euro area, as weakness in the forward-looking aspects offset a less bleak output balance.</em></li>
<li><em>With energy utility output also down in August, IP probably declined again in August. The average level in 3Q19 looks to have stayed around mid-2017 levels.</em></li>
</ul>


The UK manufacturing PMI fell to 47.4 in Aug-19, broadly in line with the euro area, as weakness in the forward-looking aspects offset a less bleak output balance.
With energy utility output also down in August, IP probably declined again in August. The average level in 3Q19 looks to have stayed around mid-2017 levels.


UK: IP Contracting to 2017 Levels in Mid-19