dinosaur

Last week’s national accounts data confirm the economy is growing at a sub-trend pace of 2.3%. Alongside that, though, the productivity performance remains solid with a 1.4% rise over the past year. And just as importantly for those concerned with "labour market rigidities", unit labour costs fell 0.4%, which reflects the softer jobs markets in the past year or so and shows that the workforce is able to adapt to changing economic conditions.