Recovery Watch Top 10

14 Jun 2013, by Duncan Weldon Guest in Economics

Data out yesterday showed UK living standards at their lowest level since 2002, whilst this morning’s construction release from the ONS showed construction output at 1998 levels.

Both of these data points remind us that despite all the recent talk of recovery, we still have a long way to go.

The more one looks at the UK economic data, the more one sees a distinct lack of progress on wages, on exports, on productivity, on growth and on a whole range of different indicators.

To try I give some context as to how far we have to go, I’ve compliled this Recovery Watch Top 10 (sorted by date rather than musical accomplishment) – in each case there is a link to the data and a link the music video (it is Friday after all):

1. Industrial Production is at September 1991 levels – Bryan Adams, (Everything I do) I do it for you
2. Long term unemployment is roughly where it was in June 1996 – Badiel, Skinner & the Lightning Seeds, Three Lions
3. Construction Output is at Q3 1998 levels  – B*Witched, Rollercoaster
4. Average Real Wages are at November 2000 levels – Destiny’s Child, Independent Woman Part I
5. The trade balance is roughly where it was in June 2001 – Christina Aguilera, Lil’ Kim, Mya  & Pink, Lady Marmalade
6. Living Standards are at 2002 levels – Girls Aloud, Sound of the Underground
7. Output per job in services is at Q4 2006 levels – Leona Lewis, A Moment Like This
8. The number of mortgage approvals is at roughly November 2008 levels – Take That, Greatest Day
9. GDP is roughly where it was in Q2 2007 – Sugababes, About You Now
10. Output per job in manufacturing is at Q1 2010 levels – Lady Gaga, featuring Beyonce, Telephone

Average real wages are at level not seen since Destiny’s Child were topping the charts and the last time industrial output was this low Bryan Adams was at number one. The recovery has an awfully long way to.