UK Employment Data Overhaul Aims to Better Capture Millennial, Gen Z Job Status
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The UK's Office for National Statistics is changing how it measures employment data due to declining survey response rates, especially among millennials and Gen Z.
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The new methodology uses tax data and benefit claims rather than phone surveys, which are becoming less reliable.
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The change created confusion for the Bank of England when setting interest rates, as the new data shows a declining job market.
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The problem of lower survey response rates is happening globally, not just in the UK, as younger generations are busier and less likely to participate.
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Classic unemployment metrics may undercount millennials and Gen Z who have side hustles, so the new approach may better capture their employment status.