Interesting and wise column, as always, by @sarahoconnor_ on public reception of economic statistics.
Sarah notes the finding by a recent @ESCoEorg focus group that people were surprised to learn people are classified as employed if they do just one hour of work a week...
...And the median number of hours worked a week is around 37 hours according to the ONS's Annual Survey of Hours and Earnings...: ons.gov.uk/employmentandl…
...And there's no evidence that the number of people working very few hours a week has grown in recent decades...
...I agree it's vital to listen to public perceptions about the economy rather than just bombard them with data and analysis.
And when it comes to the labour market, it's vital to listen to concerns about pay and job security rather than just focus on headline employment...
....There's a huge amount for economic communicators to learn from the @ESCoEorg study...
...But the particular idea there's lots of people doing only a couple of hours a week who are being classified as "employed" (which one does hear from time to time) seems to me a conception that should, first and foremost, be challenged, rather than taken on board.
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The latest estimates of new daily cases in England produced by ONS modelling of data from its weekly coronavirus survey HAS been revised down dramatically and DOES show much flatter profile in October than previous estimates..
...As many have pointed out (such as @SarahDRasmussen & @ChrisGiles_ ) the ONS modelling estimates are very volatile.
The time series gets revised a lot as new info gets fed into the model.
Some argue it swings too much, and that this is a deficiency of the model...
Lots of businesses have refused cash and asked customers to pay by contactless during the panedmic. 💵🦠
Yet the value of cash in circulation has jumped...
...So what's going on? Hoarding? Difficulties for firms in depositing cash?
I was really pleased to discuss this and many other issues about about Covid and the future of cash with @krogoff and @HowardJDavies in our latest @CoronaNomicsTV episode....
Some suggestions from ministers today that 6% a year higher defence spending will not only bolster the UK’s defence capabilities but also yield much wider economic benefits...1/
...PM suggests new money would “level up our country” and “pioneer new technology”...
..And Defence Sec says it “secures UK jobs and livelihoods", "allows us to invest in our fantastic shipyards and aerospace industry, spreading prosperity to every corner of the UK”...2/
...Is there anything in these claims?
Could extra defence spending mean a bigger economic pie?
Are fears that this new military spending could ultimately crowd out investment in health or social care, as suggested by @PJTheEconomist, misplaced?
Well, it’s a bond raised to “fund projects to tackle climate change, finance much-needed infrastructure investment, and create green jobs across this country,” says the Treasury…2/
….But hang on, aren’t those the things this government has said it plans to borrow lots of money to spend on anyway? Yes.
So what makes a “green” sovereign bond different from any other regular sovereign bond?...3/