The index will be a key element in the ONS’s new weekly “faster indicators” report, which will offer up-to-date data on U.K. jobs and recruitment trends. The government hopes that the report will provide insight into the impact of Covid-19 on employment and employer behavior in the U.K.
In a LinkedIn post, Adzuna co-founder and CEO Doug Monro wrote that the project with the ONS had been in the works for years, but was expedited by the Covid-19 pandemic. “Their normal stats are months out of date. The picture this data gives brings transparency to everyone trying to adapt — the numbers are grim but starting to stabilize or even tick up,” Monro wrote.
The index will be created using 36 million job adverts indexed by Adzuna between February 2018 and May 2020. It uses insights from over 50,000 British employers, providing a week-by-week, sector-by-sector summary of hiring activity across the U.K. It will be published regularly alongside the ONS’s regular labor market survey and will help the ONS improve its data on how employment trends are developing.
“It’s a real testament to the incredible work of our team that the ONS now trusts our real-time job market data as an official government statistic — a rare feat for a tech startup,” said Monro. He added that Adzuna was more than willing to help the U.S.’s Bureau of Labor Statistics if they asked.
Since March, vacancies have dropped by 58%, according to Adzuna’s data.
“The rate of social and economic change since March has emphasized the need for ‘live’ employment data to supplement our existing surveys and give a more complete picture of how the labor market and overall economy is performing,” said David Freeman, the head of labor markets and households at ONS.