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Labour Market Back Data Due at 7:00GMT

UK DATA
  • At 7:00GMT, the ONS is due to publish an article on the "adjustments and improvements... being made to the [LFS] dataset" on 5 February.
  • "It will explain the work that has been undertaken to improve the data, where discontinuities will exist and also highlighting areas of uncertainty within the estimates."
  • "Alongside this methodological information, the ONS will also publish LFS-based data from July to September 2022 up to the September to November 2023 datapoint, with the full time series following on 13 February. "
  • We don't know exactly what format the data will be in but note that the LFS survey is not the survey that involves wages, that is a separate survey which hasn't been impacted by the low response rate of the LFS. Also note that this is not the new TLFS survey. The ONS "plan remains to transition to using it as our lead measure in the first half of 2024."
  • Note that the ONS' temporary "alternative estimates" for the 3-months to November were:
    • Employment rate at 75.8% (+0.1ppt on the quarter).
    • Unemployment rate at 4.2% (largely unchanged on the quarter).
    • UK economic inactivity rate at 20.8% (down -0.1ppt on the quarter).
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