UK Economy holds firm
Some positive released in the last week or so maybe suggesting that the UK economy is a bit more robust than we first thought.
1. The working population has more money to spend. Pay has risen: total wages including bonus are up by 2 per cent year on year in Q1. Inflation dropped - Ryan Air's ebullient leader Michael O'Leary taking full responsibility.
2. The number of people out of work in Q1 fell by 2,000. The official employment rate is maintaining its record high and is now at 74.2 per cent. To put this in some perspective the French employment rate is currently around 64% and Germany's 74.4.
3. Retail sales in April were up 1.3 per cent on the previous month and 4.3% year on year.
4. Oil hit $50 for the first time since November. It might mean petrol prices go up but if you remember a previous blog piece What the Price of Oil Could Mean to Legal you will understand that plenty of oil money sloshing around is good for global liquidity or in lay terms, investment money.
5. Some good figures posted by law firms too. A 15% turnover increase to £71.6m at TLT. Gateley's turnover hits £66m in first full year as PLC. Listed law firm Gateley's revenues have increased by 10 per cent to £66m and JMW broke £20m when posting another double digit turnover increase. A 16 per cent rise to £22.5m.
Awesome sauce, as they say over at Manchester Trainee Solicitors' Group.
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