Back after 7 months. Found this graph (below) interesting, if simply because it reinforces the general view that many UK economic indicators are at best showing a stagnating economic picture, but more critically with this services indicator, slipping away. I’ve added red arrows to highlight a plausible 3-year downward trend, that even without the 2008-9 shock, may have been underlying this data.
In an earlier post on GDP data I suggested that the economy might only “return to the mean trend” around 2019-20, provided the system-elastic has not “snapped” and the whole thing has yet to find a new mean (or paradigm)
We’re not out of the woods yet.
Source Material here: