Comment on UK economy continues recovery with 0.6% growth
sneak100@hexbear.net 1 month ago
I suppose the bosses and managers can breathe a sigh of relief for the moment, but I highly doubt this will translate into an increase in living standard for those actually struggling with the “cost of living” (what a cynical phrase)
mannycalavera@feddit.uk 1 month ago
Out of interest, what GDP increase figures would lead to an increase in living standards?🤔
sneak100@hexbear.net 1 month ago
None (unless we’re talking about billionaires). GDP is a dogshit predictor of living standards, but gets presented as such by media pundits, who try to make the everyday person empathise with the ultra-rich
mannycalavera@feddit.uk 1 month ago
What is a good indicator if not GDP?
Flyberius@hexbear.net 1 month ago
I suppose you could create one based on the average wage and the average cost of living. I’m sure something like that does exist. Buying power or whatever.
hitmyspot@aussie.zone 1 month ago
Wage rises in excess of cpi, generally. Gdp increases can be meaningless on an individual basis. For instance, Australia has had years of gdp rises, which are just due to increased population size. The average person has less money as population rising faster than gdp. It’s a per capita recession, but not a technical recession.
SubArcticTundra@lemmy.ml 1 month ago
I imagine it would only be relevant if the average person owned index stocks