This is an interesting read from the Brookings Institution.
The article reports that the “Misery Index,” an economic measure invented by former Brookings economist Arthur Okun in the 1970s that combines the unemployment rate with the inflation rate, has been at its lowest levels over the past year since the 1950s according to calculations by Senior Fellow Gary Burtless.
Whilst I’m not disputing the overall statistics, especially for America, I think this is misleading. It’s necessary to cut and dice the data by:
In my view, in the UK and Southern Europe excessive austerity has influenced the Misery Index