Eurozone unemployment falls to record low; US GDP growth revised down – as it happened

Early morning commuters at Markisches Museum in the centre of the German capital of Berlin. Photograph: Terry Mathews/Alamy

3.10pm BST

Closing post

Time to recap

The US economy grew at a slower pace in the first quarter than initially reported, as consumer spending slowed.

US GDP rose at an annualized pace of 1.3% in January-March, below the previous estimate of 1.6%, fresh Bureau of Economic Analysis data shows.

The data shows America’s economy had less momentum than expected at the start of the year.

But in Europe, the jobs market remains solid. Eurozone unemployment fell to a new alltime low last month, at 6.4%.

In the UK, the British Chambers of Commerce is urging the next government to make improving relations with the European Union a key part of its drive to revive the economy.

In the financial markets, the FTSE 100 has shrugged off fears over sticky inflation, and is up 46 points or 0.55% in afternoon trading.

But in New York, Wall Street is being held back by a 19% slump in Salesforce’s shares after it missed analyst forecasts last night.

Updated at 3.11pm BST

3.02pm BST

Over on Wall Street, shares in enterprise software maker Salesforce have plunged by 19% after it disappointed analysts last night.

Salesforce reported revenues of $9.13bn for the first quarter of this year, below forecasts of $9.15bn.

It also predicted that second quarter revenue would be between $9.2bn and $9.25bn, below analyst forecasts of $9.35bn.

Salesforce drops on first-ever single-digit sales growth outlook https://t.co/MULXjJQE2J
🔻 $CRM -19.60% pic.twitter.com/OEwucRbLQH

— Yahoo Finance (@YahooFinance) May 30, 2024

Analysts at Saxo say:

[Salesforce’s] revenue outlook came in lower-than-expected highlighting that the current demand for AI workloads is not currently translating into higher revenue growth for Salesforce.