Explainers

What the jargon is actually doing

Productivity, GDP, bonds, inflation. Regular pieces on the words that show up in budgets and press conferences without a definition attached.

• Explainer · ProductivityProductivity is not a sermon about hard work

  It is output per hour, not hours worked. The level can look fine while the growth has stalled.

• Explainer · GDPGDP is a scoreboard. It is not a living standard.

  Gross domestic product counts activity on a territory. It does not say who received the activity, or whether anyone could afford a house.

• Explainer · BondsA bond is a loan with a published price for waiting

  The yield is not a vibe. It is the return you lock in if you buy the paper today and hold it to the date on the tin.

• Explainer · InflationInflation is a rate. The shop is a level.

  The CPI says how fast a basket is rising. It does not refund last year's prices, and it is not your particular trolley.