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...
....Perhaps.
But let's park that issue for the moment.
The ONS, for its part, stresses we shouldn't, in any case, look at it's modelled estimates for a sense of what's been happening in recent weeks.
We should, it says, look at it's UN-modelled estimates...
...Essentially, the raw data from the survey.
And this raw data still shows an October spike in new cases...
....Moreover, this corresponds with the rising trends identified by other surveys such as Imperial College London's REACT survey and the government's own UK testing data...
...So the big revisions in the ONS modelling data (probably) shouldn't cause us to conclude that new cases were flat or that there was clearly no need for the second lockdown...
....But this, I think it's fair to say, has been a bit of a data farce.
And, personally, I think the ONS (which by common consent has been generally excellent in the pandemic) ought to be more careful in how it presents its MODELLING data in its survey releases...
...Anyway, thanks to @Kit_Yates_Maths and @toxvaerd1 and @ONS (and the many experts on here who regularly share their analysis) for assistance.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
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....
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...
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/