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PMI: Even employment growth slowed

UK DATA
  • Even employment growth "was the least marked for 13 months. Some businesses noted that a desire to reduce costs had led to the non-replacement of voluntary leavers."
  • The labour market (and spot CPI) are the big positives that are encouraging the MPC to continue hiking - if this data turns earlier than expected then hikes will probably be a lot more limited than market pricing...
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