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Free AccessONS update on labour market statistics
The ONS has released details of its future changes to labour market data as it transitions from Labour Force Survey (LFS) to Transformed Labour Force Survey (TLFS) for headline employment / unemployment statistic:
- In the 14 November publication the ONS will release the experimental data based on PAYE/claimant count as it did in the delayed release on 24 October). Everything also released on 17 October (AWE, vacancies etc.) will also be released as usual. The old headline series for employment, regional data and quarterly datasets will not be released.
- For the 12 December release the ONS plans to incorporate new population figures in the LFS estimates.
- The ONS "aim to replace the LFS as the source for labour market publications with the transformed version of the survey from March 2024, subject to final data quality checks in the new year. We are doing some final fine-tuning to the questionnaire, but early results are promising. Response rates have improved to an average of 39% for wave 1 compared with 30% for the LFS. Representation is also improved, with response rates for the most deprived areas 50% higher."
- A further update on this process will be provided on 12 December.
- More details are available here.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.