- US jobs flat;
- BRICS slow;
- German trade & indust flat;
- EZ flat/down;
- UK trade down, industry flat.
Could add wages falling, zero hours contracts taking over real jobs, chronic underemployment, static 7.8% unemployment. Residential rents, food and energy are all rising faster than average inflation. Savings are falling.
But worst of all UK private debt is rising:
Graph by 3spoken: UK Sectoral Balances and Private Debt Levels - Q1 2013. All credit to the author Neil Wilson. As he says "The UK is back on the borrowing drug."
This is not a recipe for economic success. If this is a recovery then it is very narrowly based on rising house prices. So yeah, rising GDP is a good thing (while we rely on an infinitely expanding economy to sustain our standards of living) but its not accompanied by other more encouraging signs.