Updates and forthcoming releases
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Economic & Labour Market Review | Vol 1 | No 2 | February 2007
RECENT RELEASES
UPDATES
Government statistical publications
Updates to statistics on www.statistics.gov.uk
Measuring average retirement age
4 January Corporate profitability 15.2% in third quarter of 2006 www.statistics.gov.uk/cci/nugget.asp?id=420
O
ne of the options being discussed in the debate about pensions provision is to raise the age of retirement. ONS is responding to the proposal from the Pensions Commission for more analysis of trends in average retirement ages and in employment rates among older people. Results published in December last year show that average retirement ages are rising. In 2006, the average age at which workers over 50 retired reached its highest level for men (64.2 years) since 1984, when data were first available, and its second-highest level for women (61.8 years). Employment rates for men and women aged over state pension age rose in spring 2006, to 9.6 per cent and 11.1 per cent respectively, the highest since data first became available in 1984. Defining and measuring the average age of retirement poses a number of challenges. For example, it can only be with a period of hindsight that permanent withdrawal from the labour market can be confirmed. Building on ILO and OECD approaches used by the Pensions Commission, ONS has examined age-specific economic activity rates and inferred the likelihood of an economically active person at each age withdrawing from the labour force. These probabilities are then used to estimate the average age of withdrawal from the labour market for people aged 50 to 75. The methodology and results are described in a paper on the National Statistics website as part of the updating of Pension Trends. The paper presents estimates of the average ages of withdrawal from the UK labour force for men and women, from 1984 to 2006, based on changes in economic activity rate data by year of age. The paper also discusses estimation issues. More information www.statistics.gov.uk/cci/nugget.asp?id=1273 www.statistics.gov.uk/cci/article.asp?id=1669 Contact
Richard Wild 01633 812024 [email protected]
Office for National Statistics
10 January UK trade Deficit widened to £4.7 billion in November www.statistics.gov.uk/cci/nugget.asp?id=199 11 January Index of production Manufacturing: 0.1% three-monthly rise in November www.statistics.gov.uk/cci/nugget.asp?id=198 15 January Producer prices Factory gate inflation rises to 2.2% in December www.statistics.gov.uk/cci/nugget.asp?id=248 16 January Inflation December: CPI at record 3.0%; RPI at 4.4% www.statistics.gov.uk/cci/nugget.asp?id=19
FORTHCOMING RELEASES
Future statistical release on www.statistics. gov.uk 5 February MA4: Business monitor, foreign direct investment – 2005 6 February Mergers and acquisitions involving UK companies – Q4 2006 7 February Index of production – December 2006 9 February UK trade – December 2006 12 February Producer prices – January 2007 13 February Consumer price indices – January 2007 14 February Labour
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