Tuesday the Office for National Statistics admitted that the way it had measured data relating to the telecoms industry was incorrect for the years between 2010 and 2015. The implication, they say, is that their inflation data was too high and that economic growth was understated. This affects pay negotiations, travel fares and index-linked gilts. Today the Financial Times reports that the way ONS has been measuring retail sales data might also be incorrect. Blaming the Black Friday event for sharply rising sales in November was not accorded sufficient weight when seasonally adjusting December’s sales. A sector that accounts for more than 10 per cent of the economy.
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