The latest UK employment data is sending mixed signals. Job market momentum is clearly weakening, and wage growth is gradually decelerating from earlier peaks—though it's still outpacing analyst expectations.

Here's the puzzle: is this just a natural normalization after months of overheating, or are we staring down the barrel of something steeper? The data alone doesn't give us the answer. We're in that uncomfortable zone where trends could go either way. The next few releases will matter a lot for understanding whether we're watching a soft landing scenario or early warning signs of a sharper correction building beneath the surface.