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  • The January PMI hit an 18-month high, consistent with 0.3-to-0.4% quarter-to-quarter growth in Q1.
  • Jobs continue to fall, according to the PMI, as the payroll-tax hike forces firms to cut back.
  • But falling jobs are structural; PMI price balances were broadly steady above inflation-target-consistent levels.

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Keywords for: 5 February 2026 UK Monitor

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