This has allowed us to better assess how situations were affecting different groups of people in unequal ways and how this might affect economic outcomes on a larger scale. For example, we have increasingly been focusing on a wider range of labour market indicators and publishing them in our quarterly Monetary Policy Report and on our website.
To make better use of all these data, our economists have been taking innovative approaches, including working with big data and advanced analytics. These new analytical tools and information sources have allowed us to fill important gaps in our understanding of what was happening in all parts of the economy.