Heads up: ONS set to publish faster indicators of UK economic activity today

Author: Justin Low | Category: News

The release is slated for 0830 GMT

h/t to our friends @ LiveSquawk for the tip

This will be the first series of data (February and March) from the new release and it is supposed to be designed to rival the kind of data that is provided by Markit via their PMI surveys. ONS mentions that the release is supposed to provide the government with a more up-to-date picture of economic activity and potentially serve as an early warning sign of a recession.

ONS notes that it would use data from value added tax, ship movements and road traffic but other work at its data science campus would augment this information in future if it could be shown to be useful.

I can't really say how much impact this would have on the pound later today and in the future but it is something worth noting in case. ONS does mention that however:

It is important to note that we are not attempting to forecast or predict gross domestic product (GDP) or other headline economic statistics here, and the indicators should not be used in this way.
More details on the release here.

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