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Flash estimates of European labour costs

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  • Graeme Chamberlin

    (Office for National Statistics)

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.

Suggested Citation

  • Graeme Chamberlin, 2009. "Flash estimates of European labour costs," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 3(11), pages 32-39, November.
    • Handle: RePEc:pal:ecolmr:v:3:y:2009:i:11:p:32-39
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