Continuing Jobless Claims 1.716M Vs 1.7M Est.; 1.684M Prior
Portfolio Pulse from Benzinga Newsdesk
The number of continuing jobless claims has increased to 1.716 million, slightly higher than the estimated 1.7 million and the previous figure of 1.684 million.
August 17, 2023 | 12:30 pm
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NEGATIVE IMPACT
The increase in continuing jobless claims, which is higher than expected, may negatively impact the overall market sentiment, potentially affecting the SPY ETF.
The SPY ETF tracks the S&P 500, which is a broad representation of the US stock market. An increase in jobless claims, especially when it's higher than expected, can be seen as a negative economic indicator, potentially leading to a decrease in investor confidence and a negative impact on the market, and consequently, the SPY ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75