MNI UK Labour Market Insight: June 2025 Release

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• The latest data confirm that the UK labour market is softening at an increasing pace.
• AWE wage data is on track to come in even lower in Q2 than the BOE’s Q1 forecast miss.
• There was also a deceleration in the HMRC PAYE RTI wage data.
• We look at the underlying data in detail and the trends in the AWE, RTI pay data and payrolls data.