This is a preview. View original post on this site
How reliable is the British labor market data?
Unfortunately, the answer to that question is “not very”!
Let’s start with the traditional labor market data that is typically featured in the news — like unemployment, employment, and wage growth. Since it would be impossible to question every single person living in the U.K. on a regular basis, statistical agencies like the ONS (Office for National Statistics) rely on survey data that is sent to thousands of households. With the help of some statistical adjustments, statisticians then try to ensure that the data they have collected is a representative subsample of