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>The UK unemployment rate increased to 4.4% in April amid residual seasonality nearing its peak. Underlying changes are also shrinking so it may not go significantly higher.</li><li>Stabilisation in vacancies and still-low redundancies should prevent a new fundamental shock from depressing labour market activity.</li><li>Total pay growth exceeded expectations again, albeit owing to revisions that skew higher. The slowing to 0.4% m-o-m may also be revised up, but suggests slowing in May.</li></ul><p></p>

The UK unemployment rate increased to 4.4% in April amid residual seasonality nearing its peak. Underlying changes are also shrinking so it may not go significantly higher.Stabilisation in vacancies and still-low redundancies should prevent a new fundamental shock from depressing labour market activity.Total pay growth exceeded expectations again, albeit owing to revisions that skew higher. The slowing to 0.4% m-o-m may also be revised up, but suggests slowing in May.

UK: Labour Market Rates Peaking