Measuring the coherence of ONS and Purchasing Managers' Index data

Graeme Chamberlin
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Graeme Chamberlin: Office for National Statistics

Economic & Labour Market Review, 2008, vol. 2, issue 5, 23-28

Abstract: Outlines a methodology for the above, demonstrating that apparently significant divergence can often be accounted for by coverage differencesThis article outlines a methodology for monitoring the coherence between official data published by the Office for National Statistics (ONS) and business survey data in the form of Purchasing Managers' Indices (PMI). PMI data, particularly relating to the services sector, are being increasingly used by policy-makers and analysts in forming their view of current economic trends. The article demonstrates that what may sometimes appear as significant divergence between the two sources can often be accounted for by differences between their coverage and that the underlying signals in the two approaches are generally coherent. Economic & Labour Market Review (2008) 2, 23–28; doi:10.1057/elmr.2008.72

Date: 2008
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