Pantheon Macroeconomics

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  • The labour market report was dovish, as it showed employment falling and wage growth easing sharply.
  • Weak jobs all but seal a December Bank Rate cut; we are close to forecasting another in spring 2026…
  • …But surveys are stable, and we have doubts about the sharp rise in the unemployment rate.

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Keywords for: 12 November 2025 UK Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence