When it comes to analysing economic data, particularly the cornucopia on every aspect of the labour market provided by the Office for National Statistics yesterday, I tend to turn to one of the economic authorities of the past. No, not one of the great economists but Charles Dickens’s Wilkins Micawber.

On this occasion I am not thinking of Mr Micawber’s upbeat motto, “something will turn up”. Rather, and it has particular relevance to the latest figures, it is this: when an acceleration in pay is accompanied by stronger productivity growth, result happiness. But when that acceleration in pay occurs alongside weak and falling productivity growth, result misery, or at least worried frowns at the Bank of England, which will fear the inflationary consequences.

The big