Independent publication
A compact guide to the rate decision, the labour revision and the signal hiding in household spending.
One headline number moved markets, but two quieter revisions explain why the reaction was so strong.
Employment remains resilient, household spending has cooled and the path of rates is now less certain than the confident commentary suggests.
Read together, the figures describe an economy changing speed rather than direction.
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The most interesting retail recovery is smaller, stranger and more local than expected.
Prosperity is easier to recognise when the measures begin with lived conditions instead of abstractions.