The Times are reporting that the ONS have mucked up some data and will issue an upward correction today

Heads up for GBP traders. The Times says that the ONS has made a mistake in it’s unit labour costs data and will issue a correction today. They say that employment costs has been rising quicker than first thought and that will put some pressure on the BOE to hike rates, due to the implications of the error on inflaiton.

The ONS printed the error notice in Friday’s quarterly unit labour cost data.

ONS error

Looking at the notice, it’s possibly not as inflammatory as the TImes makes out and that it will only amount to a very minor correction.

I guess we’ll see at 8am GMT.

Just to note the data from Friday;

• Q2 labour costs 0.9% vs 0.3% prior q/q
• 1.6% y/y
• Q2 Productivity -0.1% q/q
• -0.3% vs 0.1% prior y/y

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Ryan Littlestone

Psychedelic chartist extraordinaire. Have your shades ready.
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