May Jobs Data Preview: Could Another Hot Jobs Report Influence Fed's Next Actions?
Portfolio Pulse from Piero Cingari
The Bureau of Labor Statistics is set to release the U.S. labor market report on Friday, which will influence the Federal Reserve's future monetary policy decisions. Economists expect a decline in nonfarm payrolls from 253,000 in April to 190,000 in May. The unemployment rate is anticipated to rise from 3.4% to 3.5%. The SPDR S&P 500 ETF Trust (NYSE:SPY) soared 1.2% on Thursday.
June 01, 2023 | 9:08 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) soared 1.2% on Thursday, ahead of the U.S. labor market report release on Friday. The report will influence the Federal Reserve's future monetary policy decisions.
The U.S. labor market report will influence the Federal Reserve's future monetary policy decisions, which in turn can impact the stock market. As the SPDR S&P 500 ETF Trust (NYSE:SPY) tracks the performance of the S&P 500 Index, any significant changes in the market due to the report could affect the ETF's performance. However, it is difficult to predict the exact impact of the report on the ETF, hence the neutral score.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80