UK Seeks New Ways to Measure Labor Market as Surveys Become Less Reliable
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The UK's Office for National Statistics has started publishing "experimental" labor data as traditional surveys become less reliable.
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Response rates to the decades-old Labor Force Survey have plummeted, causing concerns about data quality.
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The ONS plans to transform the survey and rely more on online responses and alternative data sources.
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Meanwhile, the Bank of England says it has less visibility into the labor market, complicating interest rate decisions.
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Fuzzy economic data may be negatively affecting investment and growth in the UK.