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MNI BRIEF: Signs Inactivity Due Sickness Overstated - BOE Pill

BOE Chief Economist Huw Pill on the evidence on economic inactivity
Bank of EnglandCentral Bank NewsPolicy NewsHomepageCEEMEABriefUKStory

MNI (LONDON) - Bank of England Chief Economist Huw Pill told the Lords Economic Affairs Committee Tuesday that alternative data sources suggest that employment is higher and economic inactivity due to sickness lower than the headline Labour Force Survey has shown.

Pill said the Bank's annual suppply side "stocktake" is underway and while the data were uncertain there did not appear to be much slack but that participation was higher than previously assumed. Asked about Resolution Foundation research which found that growth in employment may have been understated by over 900,000 since 2019 and that participation was higher Pill said it chimed with Bank work, although noting the RF's numbers were "towards the upper bound" of the Bank's range."

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MNI (LONDON) - Bank of England Chief Economist Huw Pill told the Lords Economic Affairs Committee Tuesday that alternative data sources suggest that employment is higher and economic inactivity due to sickness lower than the headline Labour Force Survey has shown.

Pill said the Bank's annual suppply side "stocktake" is underway and while the data were uncertain there did not appear to be much slack but that participation was higher than previously assumed. Asked about Resolution Foundation research which found that growth in employment may have been understated by over 900,000 since 2019 and that participation was higher Pill said it chimed with Bank work, although noting the RF's numbers were "towards the upper bound" of the Bank's range."

Keep reading...Show less