Labour Market: Databases

Treasury written question – answered am ar 24 Mai 2024.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Lord Taylor of Warwick Lord Taylor of Warwick Non-affiliated

To ask His Majesty's Government what assessment they have made of the potential impact of unreliable labour market data on the accuracy of inflation forecasts and other economic indicators used for policy formulation.

Photo of Baroness Vere of Norbiton Baroness Vere of Norbiton The Parliamentary Secretary, HM Treasury

Falling response rates have caused concern over the quality of Labour Force Survey (LFS) data and led to its suspension in October 2023. Following the return of the LFS in February, these figures are still volatile and, although the Office for National Statistics (ONS) expects to see improvements to survey quality following planned improvements, the estimates will continue to be badged as ‘official statistics in development’ until further review. The ONS recommends using a suite of labour market indicators alongside the LFS estimates.

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