0959 GMT - While the U.K. labor market is undoubtedly cooling, the latest data shows things aren't snowballing as would be common during recessions, ING's James Smith says in a note. This takes pressure off the Bank of England to cut interest rates more quickly, he says. The sizeable upward revision to May's payroll data combined with stronger-than-expected inflation data. Last month's data, which showed that May saw the largest fall in payrolled employee numbers on record, was revised to show the record fall didn't actually happen. The 109,000 drop was revised up to a more modest 25,000 decline. That said, payroll numbers have been falling for seven of the past eight months, Smith says. He continues to expect BOE rate cuts in August and November. (edward.frankl@wsj.com)

(END) Dow Jones Newswires

July 17, 2025 05:59 ET (09:59 GMT)

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