Latest news with #economicdata
Yahoo
12 hours ago
- Business
- Yahoo
Britons risk being forced to take part in ‘jobs census'
Britons could be forced to give details of their jobs, earnings and health status to officials as a slump in responses to surveys undermines Whitehall's ability to judge the state of the economy. Professor Denise Lievesley, who ran a major review of statistics for the Government, said the proposal could ensure that Britain's economic data – which is critical to making decisions on policies including interest rates – could be relied upon. Members of the public can currently be fined £1,000 if they fail to complete the census, while businesses which refuse to complete surveys for the Office for National Statistics can be taken to court and charged £2,500. However, there is no such incentive to fill in the Labour Force Survey (LFS). A plunge in response rates to the vital questionnaire since the pandemic has left the Treasury, the Bank of England and City economists struggling to gauge the strength of the jobs market, the risks to inflation and the health of the wider economy. The census was completed by 97pc of households in 2021. By contrast only around one fifth of those approached for the jobs market survey responded, a share which has fallen by roughly half since the pandemic struck. Professor Lievesley said in an interview with Bloomberg that compelling Britons to respond was 'a last resort option', but that 'we may have got to that stage'. She added: 'It's not that we actually use the mandation to impact on individuals but I think in the case of the LFS it would help the survey interviewers and I think it helps the enumerators in the census. 'It raises the profile that this is important. If they're asked, 'do we have to do this?' Well, I'm sorry, but I'm afraid you do. I think it works mainly through the confidence of the interviewers.' It is understood that the UK Statistics Authority and the Cabinet Office have been studying ways to compel people to respond to the survey, but have not yet concluded what consequences there could be for households which fail to fill in the questionnaire. Such a step would require legislation, rather than being decided by statisticians. The ONS has sought ways to improve the number of responses to the survey, including by sending it to more households. The agency has also trialled offering respondents a £20 voucher, instead of the usual £10 incentive, which was already up from £5 before Covid. It is also introducing a new online version of the survey next year. Officials at the Bank of England have attempted to get around the issue by seeking other sources of data, including by designing their own surveys for an alternative perspective on the economy. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
13 hours ago
- Business
- Telegraph
Britons risk being forced to take part in ‘jobs census'
Britons could be forced to give details of their jobs, earnings and health status to officials as a slump in responses to surveys undermines Whitehall's ability to judge the state of the economy. Professor Denise Lievesley, who ran a major review of statistics for the Government, said the proposal could ensure that Britain's economic data – which is critical to making decisions on policies including interest rates – could be relied upon. Members of the public can currently be fined £1,000 if they fail to complete the census, while businesses which refuse to complete surveys for the Office for National Statistics can be taken to court and charged £2,500. However, there is no such incentive to fill in the Labour Force Survey (LFS). A plunge in response rates to the vital questionnaire since the pandemic has left the Treasury, the Bank of England and City economists struggling to gauge the strength of the jobs market, the risks to inflation and the health of the wider economy. The census was completed by 97pc of households in 2021. By contrast only around one fifth of those approached for the jobs market survey responded, a share which has fallen by roughly half since the pandemic struck. Professor Lievesley said in an interview with Bloomberg that compelling Britons to respond was 'a last resort option', but that 'we may have got to that stage'. She added: 'It's not that we actually use the mandation to impact on individuals but I think in the case of the LFS it would help the survey interviewers and I think it helps the enumerators in the census. 'It raises the profile that this is important. If they're asked, 'do we have to do this?' Well, I'm sorry, but I'm afraid you do. I think it works mainly through the confidence of the interviewers.' It is understood that the UK Statistics Authority and the Cabinet Office have been studying ways to compel people to respond to the survey, but have not yet concluded what consequences there could be for households which fail to fill in the questionnaire. Such a step would require legislation, rather than being decided by statisticians. The ONS has sought ways to improve the number of responses to the survey, including by sending it to more households. The agency has also trialled offering respondents a £20 voucher, instead of the usual £10 incentive, which was already up from £5 before Covid. It is also introducing a new online version of the survey next year. Officials at the Bank of England have attempted to get around the issue by seeking other sources of data, including by designing their own surveys for an alternative perspective on the economy.
Bloomberg
a day ago
- Business
- Bloomberg
US Consumer Spending Growth Slows While Inflation Remains Soft
By Updated on Save US consumers hit the brakes in April after the strongest month of spending since early 2023 while inflation remained tame, consistent with a slowing economy. Inflation-adjusted personal spending rose 0.1% after rising 0.7% a month earlier, Bureau of Economic Analysis data showed Friday.
Reuters
2 days ago
- Business
- Reuters
German retail sales fall unexpectedly in April
May 30 (Reuters) - German retail sales fell by 1.1% in April compared with the previous month, data showed on Friday. Analysts polled by Reuters had predicted a 0.2% increase. The federal statistics office publishes more details on its website, opens new tab.
Yahoo
2 days ago
- Business
- Yahoo
German retail sales fall unexpectedly in April
(Corrects paragraph 2 to indicate that retail sales were expected to rise, not fall) (Reuters) - German retail sales fell by 1.1% in April compared with the previous month, data showed on Friday. Analysts polled by Reuters had predicted a 0.2% increase. The federal statistics office publishes more details on its website. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
