Understanding the full business impact of the coronavirus pandemic

Statistics on the number of business creations and closures are important indicators of the health of the economy. However, the different measures of creation and closure can paint a complex picture. Josh Martin describes some new ways we’re measuring this important metric to support understanding of the longer-run impact of the COVID-19 pandemic on the economy.

Read more

Understanding the impact on jobs and pay – how the ONS is now measuring the Labour market

Tomorrow the ONS will release its latest set of labour market data showing how, and to what extent, the coronavirus pandemic has hit employment and wages.  In this post Jonathan Athow compares the strengths and weaknesses of the main data sources we use to produce the figures, including the advantages of new ‘real time’ PAYE data – and the limitations of the claimant count figures.

Read more

Measuring the invisible – improving our understanding of UK trade in services

Exports of services have for many decades made a large and positive contribution to the UK’s international trade balance. But unlike goods, which are relatively easy to count and value, the intangibility of services means their measurement has been less detailed. Now, thanks to a big expansion in our statistical coverage, ONS is shedding unprecedented new light on the subject.

Read more