Fed Says Employment Increased Modestly This Period, With Most Districts Experiencing Some Job Growth, Labor Demand Remained Healthy; Says Contacts In Multiple Districts Reported That Wage Increases Were Returning To Or Nearing Pre-Pandemic Levels
Portfolio Pulse from Benzinga Newsdesk
The Federal Reserve's Beige Book reports that employment has increased modestly, with most districts experiencing job growth. Labor demand remains healthy and wage increases are returning to or nearing pre-pandemic levels in multiple districts.
July 12, 2023 | 6:09 pm
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POSITIVE IMPACT
The Federal Reserve's report of modest employment increase and healthy labor demand may positively impact the SPY ETF, which tracks the S&P 500 index.
The SPY ETF, which tracks the S&P 500 index, is likely to be positively impacted by the Federal Reserve's report. Healthy labor demand and wage increases nearing pre-pandemic levels suggest a recovering economy, which is generally positive for the stock market.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75