It’s a miracle.

At least, that’s the thinking of a growing number of the world’s greatest minds as they ponder the thorny subject of chucking people on the unemployment scrap heap.

In fact, they’ve even coined a new term for it: Immaculate Disinflation.

Once again, in what’s become a feature of this weird economic cycle, the unpredictability of the real world is making a mockery of the economic textbooks.

Rarely have we seen such a brutal round of interest rate hikes.

And yet, while they’ve had the utterly predictable effect of tipping many major economies into recession, there’s one important area that is defying conventional wisdom.

People are holding onto their jobs, here and in other developed nations.

True, employers aren’t scouring the streets for anyone merely dressed and on their feet as they were immediately after pandemic lockdowns were lifted. But they’re not laying waste to workers in their thousands either.

This has never happened before. While workers tend to be laid off en masse fairly late in the cycle, once it’s become obvious that a recession is at hand or even upon us, this time the sackings have been delayed.