Enjoyed contributing to this balanced piece by Sam Fleming, Valentina Romei and Philip Stafford in the FT (link below). We might be entering another cycle of differential inflation for households. Latest ONS data on this published today (see chart).
giftarticle.ft.com/giftarticle/...
It was great to contribute to this article on UK #productivity by Ben Zaranko, alongside Gregory Thwaites, Peter Dixon and others. The retail and wholesale story is consistent with capital deepening; does not apply to all other sectors... observer.co.uk/news/busines...
New UK job-ad data suggests the labour market for young graduates is weakening significantly. But the story is more complicated than “AI is replacing graduates”.
#dataisbeautiful
open.substack.com/pub/teraalla...
The UK's investment problem is well known (Y-axis). What surprised me was the X-axis. We complain about the "nanny state", but when global energy or food prices rise, the conversation quickly shifts to what the government should do. #dataisbeautiful
Tera Allas CBE
Tera Allas CBE
Tera Allas CBE
New UK job-ad data suggests AI exposure is not affecting all jobs equally. AI seems to be displacing routine office and service work—not graduate occupations. So far, this looks like an acceleration of a much older labour-market trend. #dataisbeautiful
open.substack.com/pub/teraalla...
New data on UK online job ads shows weaker demand for routine office and service work
In Finland, @teraallas.bsky.social tells me that it’s common to see unmanned petrol stations and automated pizza vending machines – that’s what proper capital deepening in response to high labour costs looks like.
