People still not feeling economic growth

More good news on the economy, as GDP figures released today show growth for the fifth consecutive quarter. This is steady, and it should be welcomed.

However, now it seems stabilised, focus is increasingly on the nature of the growth.

In responding to the statistics, Ed Balls said: “Now that growth has finally returned, the question is whether ordinary working people will properly feel the benefit and we have a balanced recovery that’s built to last.”

A new report on the UK job market shows that advertised salaries have fallen by £1,800 over the past year alone, as disappearing public sector jobs are replaced by an increase in low-paid private sector jobs, while research earlier this months found that starter salaries for graduates have fallen by 11% over the past five years.

Meanwhile, YouGov have asked people how they feel about the economy, and the results aren’t great. The Government have a -7% net rating for handling of the economy and a -21% net rating for how the economy is doing, while 36% of people expect to be worse off in the year ahead.

With such pessimistic views on the the UK economy, are the public not reading the GDP figures? Or are they just not feeling better off?