Emeritus Prof Christopher May on Nostr: As you may know #ONS has been having trouble calculating rates of unemployment & ...

As you may know #ONS has been having trouble calculating rates of unemployment & 'economic activity', with its labour force survey increasingly seen as problematic.

Their new method (see as still experimental by the ONS) uses #tax & #benefits data to try to construct a picture of the UK's labour market

The new data suggests the labour market is sl.stronger than thought with more #workers in work than previous estimates.

How this will impact on BoE's #interestrates policy remains to be seen