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

UK: Labour Market Tighter than BoE Believes

UK Inflation: Oct-19 Surprise Repeats History

UK: Labour Resilience Ahead of Brexit Resolution

UK: Labour Market Enduring Political Earthquake

UK: Uncertainty Effect Intensifies in Sep-19

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>Headline labour market data mostly disappointed in Aug-19 as unemployment rebounded to 3.9% and bonus revisions dragged total pay down to 3.8%.</em></li>
<li><em>Ongoing normalisation in the labour force level continues to weigh on employment growth. A no-deal Brexit would probably cause an abrupt rise in the UR, consistent with the decline in vacancies, while a deal should see job listings return.</em></li>
</ul>


Headline labour market data mostly disappointed in Aug-19 as unemployment rebounded to 3.9% and bonus revisions dragged total pay down to 3.8%.
Ongoing normalisation in the labour force level continues to weigh on employment growth. A no-deal Brexit would probably cause an abrupt rise in the UR, consistent with the decline in vacancies, while a deal should see job listings return.


UK: Unemployment Wobbles near a Tipping Point