This can be interpreted as an expectation of a slowdown in growth but not a recession. Chart 3 PMI confidence indicators (diffusion index: 50 = no change)  Source: Markit. Note: The latest observations are for April 2022.
Turning to the labour market, Chart 4 reinforces the message of Chart 2: the recovery in the labour market has been asymmetric, with public sector employment above the pre-pandemic level, employment in industry and construction only now reaching the pre-pandemic level and employment in services still below the pre-pandemic level.