misery

Keith Fray

Amid talk of how governments should measure ‘happiness’, we should perhaps note that ‘misery’ – at least economic misery – may have recently peaked.

This week’s releases of inflation data in the UK and US, and labour market numbers for the UK should see the ‘misery index’ continue to fall in both countries.

This index – simply the unemployment rate plus the annual rate of inflation – has seen a modest revival of interest among economists in recent years.