Lol is one of those abbreviations that just happened and everybody knows it means laugh out loud. But now economists have given it a savage new twist.

Lol now also means lovely - or lousy – and here’s why

Every day the statistics are studied for signs of the growth needed to lift the economy, provide new jobs and raise income levels. One day there’s hope, then it fades, but if you have an optimistic world view you feel the economic cycle will improve. The market will provide, the number of opportunities will increase.

They certainly will – for some. Yet there’s also a realisation for many middle income earners that prospects are not as rosy today - as they were when their parents were at the same stage of life.

The harsh truth is the market isn’t working so well anymore. Those fortunate enough to have good jobs are discovering that even though they earn fairly well – in real terms they struggle to hang onto their standard of living. And that’s happening at a time of life when they were hoping to improve it. 

A huge slice of previous prosperity was driven by the credit boom and that’s over. Digitisation of production, sophisticated technology and the migration of jobs abroad have all shrunk the labour market.

What’s left is Lol, lovely or lousy. The lower paid openings in retail, care, hospitality and service industries are still there – but they’re lousy.

At the other end of the market, in banking, investment, financial services and corporate executive positions – the openings are still there too. You know what they are, they’re lovely. The very rich are putting plenty of distance, in every way, between themselves and the mass market.

The richest 1% are taking a bigger share of US growth than ever before.  

Definitely Lol for them. The rest of us can still laugh out loud – and hope for the best!