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

COVID-19. Alternative Data Update: China, Except Wuhan, Back To Normal, RoW Rushes To Lockdown

UK: Jobs Making All the Right Moves at End-19

UK: Labour Resilience Ahead of Brexit Resolution

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 labour market report revealed a range of robust signs, including surprisingly strong employment growth, record-high participation, and a further rebound in job vacancies. However, such strength is unlikely to survive Covid-19.</em></li>
<li><em>Past momentum should still carry GDP back to quarterly growth in Q1, but the monthly rate should fall in March and beyond, weighing on employment and hours too. An unusual self-inflicted recession looks increasingly likely to be beginning.</em></li>
</ul>


The labour market report revealed a range of robust signs, including surprisingly strong employment growth, record-high participation, and a further rebound in job vacancies. However, such strength is unlikely to survive Covid-19.
Past momentum should still carry GDP back to quarterly growth in Q1, but the monthly rate should fall in March and beyond, weighing on employment and hours too. An unusual self-inflicted recession looks increasingly likely to be beginning.


UK: Momentum Won’t Survive Covid-19