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23rd Jun 2025 17:21UKDaily Monitor

  • Collapsing payrolls in May look inconsistent with stable or improving survey-based measures of jobs.
  • The soft data suggest the worst of the slowdown caused by the payroll-tax hike is behind us.
  • Stable economic growth, driven by less trade-related uncertainty, will give a hawkish tint to the job data.

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Keywords for: 25 June 2025 UK Monitor

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