Flash estimates of European labour costs

Graeme Chamberlin
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Graeme Chamberlin: Office for National Statistics

Economic & Labour Market Review, 2009, vol. 3, issue 11, 32-39

Abstract: Flash estimates are early or advance estimates of statistics, usually based exclusively or partly on forecasts. Theyare demanded by policy-makers and analysts who have to make decisions in real time and before enough informationis collected to publish the data conventionally. As such there is a tradeoff between timeliness and accuracy. Thisarticle outlines the approach taken by the Office for National Statistics (ONS) to produce flash estimates of Europeanlabour costs, as part of a wider Eurostatled project on flash estimates in Europe. A general-to-specific methodology is used to select the best combination of indicators to use in a forecast model. Flash estimates are presented for the groups of Euro-Zone 15 and European Union 27 countries.

Date: 2009
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