Core Viewpoint - The latest data indicates a slowdown in wage growth in the UK, but the employment situation is not as concerning as previously thought, alleviating immediate pressure on the Bank of England to accelerate interest rate cuts [1] Group 1: Wage Growth and Employment - Official data shows that wage growth in the UK slowed in May, with a further decline in employee numbers in June [1] - The significant revision of employed individuals in May suggests that the labor market conditions are not as dire as earlier data indicated [1] Group 2: Market Reactions - Following the data release, financial markets have slightly reduced expectations for an interest rate cut in August [1]