The coronavirus is clearly having a very serious effect on the UK economy. Measuring its impact on the world of work presents unique challenges. Ahead of the latest labour market statistics release, David Freeman looks at how the ONS is responding to the pressing need for new information.
Read more on Measuring the labour market during Coronavirus
Alongside the traditional measures of prosperity like GDP, the ONS is at the forefront of an international movement that’s developing new and alternative economic indicators that go beyond simple financial value. Central to this work are the plans to develop new ways of measuring ‘human capital’ that have been unveiled today. Here John Marais makes the case for measuring human capital better.
Read more on People matter: improving our estimates of human capital
2019 was another big year for the Office for National Statistics (ONS), filled with better data, new headlines and exciting…
Read more on Stats that then! A look back at 2019
You’re either classed as employed or unemployed, right? Well, wrong, actually – there are three different possible ways people can be classified in the labour market. Here David Freeman looks at the third status, called ‘economic inactivity’ and explains how ONS statistics fully capture people’s involvement, or lack of it, with the world of work and why economically inactive people aren’t just in ‘hidden unemployment’.
Read more on Hiding in plain sight? Why economically inactive people aren’t in ‘hidden unemployment’
It’s well known that the Government has large amounts of debt, currently £1.8 trillion according to the headline measure. But what about other liabilities that are not included in this figure and what about all the assets the Government owns? Here, David Bailey sets out the way we measure it all and how the numbers are being improved.
Read more on How we measure what the Government owns and what it owes