The UK has started to release an experimental monthly estimate of paid employees and their pay. The data, which we’ve recently added to the Macrobond database, is released jointly by HM Revenue and Customs’ (HMRC), Pay As You Earn (PAYE), Real Time Information (RTI) and the Office of National Statistics (ONS). Lately, many countries have released experimental and more high-frequency data to monitor the impact of COVI19. Similarly, as stated by the ONS, this data has been developed as a response to the Coronavirus crisis, and its methodology will continue to be developed.
We looked at this data to see just how severely employment and income have been hit by the pandemic in the UK. The number of paid employees continued to plummet in July on a YoY basis, but at a slower pace than it did between March and April.