128-summary-quality-report-for-retail-sales

128-summary-quality-report-for-retail-sales - Tuesday 18...

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Summary Quality Report for Retail Sales Tuesday 18 August 2009 Issued by Office for National Statistics, Government Buildings, Cardiff Road, Newport NP10 8XG Media Office 0845 6041858 Retail Sales 0163 3455602 retail.sales.enquiries@ons.gov.uk Introduction This report is part of a rolling programme of quality reports being introduced by the Office for National Statistics (ONS). The full programme of work being carried out on statistical quality 1 is available on the National Statistics website. The Retail Sales estimates are a key economic indicator and one of the earliest short-term measures of economic activity. It is used to estimate consumer spending on retail goods and the output of the retail sector, both of which are used in the compilation of the National Accounts. It is the only official short-term measure of retail sales data within Great Britain. Summary of Quality Relevance The degree to which the statistical product meets user needs for both coverage and content. The Retail Sales Inquiry surveys approximately 5000 retail businesses each month. The sample used is representative of all businesses across the sector and consists of a wide range of small, medium and large retailers in Great Britain. Large retailers are defined as having 100+ employment and also 10-99 employment with more than £40 million turnover each year, while small to medium retailers are defined as having 0-99 employment. There are approximately 900 large businesses in the survey, and all large businesses are included in the RSI each month. In addition, approximately 4100 small and medium businesses are included in the survey on a sampled basis each month. Collectively these businesses cover approximately 75 per cent of the retail sector in terms of turnover. The main monthly output measures include average weekly value and volume estimates, in both seasonally adjusted and non-seasonally adjusted forms. The value estimates reflect the average total turnover that businesses have collected
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Office for National Statistics, Information paper 2 over a standard reporting period, while the volume estimates are calculated by taking the value estimates and adjusting to remove the impact of price changes. The value and volume measures of retail sales estimates are widely used in private and public sector institutions, particularly by the Bank of England and Her Majesty’s Treasury, to assist in informed decision and policy making. Retail Sales estimates are also used within the compilation of the National Accounts. As a requirement for the Statistical Offices of the European Community (Eurostat), information on production and current price sales are provided to Eurostat. An experimental Internet estimate is published each month to illustrate the magnitude of this type of activity within the retail sector.
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This note was uploaded on 02/08/2012 for the course FIN FIN4345 taught by Professor Koij during the Spring '10 term at FIU.

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128-summary-quality-report-for-retail-sales - Tuesday 18...

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