BOE chief economist lambasts ONS over poor jobs information high quality

That is one thing I’ve highlighted with every UK labour market report, as seen with the most recent one right here. And it’s one thing that has endured for a 12 months already now. In case you missed a few of the posts about that:

• Heads up: UK labour market information later this month can have the same caveat (November 2023)
• ONS says January labour market information to proceed to make use of latest adjusted sequence (January 2024)
• There are nonetheless points plaguing labour market information transformation – ONS (July 2024)

In a time when the BOE is making an attempt to make key choices on coverage, the dearth of accuracy in one thing as essential as labour market information is reasonably damning.

That has now seen BOE chief economist, Huw Capsule, be reasonably vocal concerning the situation. He laments a scarcity of enchancment regardless of the ONS’ efforts. Including that it “stays unsure whether or not the credibility” of the info will enhance within the close to future.

This was remarked in a personal letter to the ONS as Capsule notes that the elevated uncertainty of the info has made issues “tougher to gauge the underlying state of the labour market”.

So, once more. That is only a reminder that there’ll proceed to be a significant caveat connected to the UK labour market report. Hold that in your consideration when making an attempt to interpret the numbers.

This text was written by Justin Low at www.ubaidahsan.com.



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