Unemployment Rate For July 3.5% Vs 3.6% Expected
Portfolio Pulse from Benzinga Newsdesk
The unemployment rate for July came in at 3.5%, lower than the expected 3.6%.
August 04, 2023 | 3:22 pm
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POSITIVE IMPACT
The lower than expected unemployment rate may positively impact the SPY ETF as it indicates a stronger economy.
The SPY ETF tracks the S&P 500, which is a broad measure of the US economy. A lower than expected unemployment rate indicates a stronger economy, which could lead to higher corporate earnings and thus potentially boost the value of the ETF.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 75