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><em>The unemployment rate increased again to 4.76% in Sep-20, which was only 1bp above my forecast. A rise in redundancies to a record high of 314k is driving up the UR amid a stagnant labour market. Vacancies continue to imply that the UR will peak near 7.5%.</em></li>
<li><em>Average wages have now extended their recovery back to their pre-Covid trend. That bullish experience is not one that most employees will recognise, though, amid job losses in low paying industries creating a supportive sampling effect.</em></li>
</ul>


The unemployment rate increased again to 4.76% in Sep-20, which was only 1bp above my forecast. A rise in redundancies to a record high of 314k is driving up the UR amid a stagnant labour market. Vacancies continue to imply that the UR will peak near 7.5%.
Average wages have now extended their recovery back to their pre-Covid trend. That bullish experience is not one that most employees will recognise, though, amid job losses in low paying industries creating a supportive sampling effect.


UK: Record Redundancies in Sep-20