August Job Creation Tops Forecasts, But Unemployment Ticks Higher, Wage Growth Slows
Portfolio Pulse from Piero Cingari
The August jobs report showed mixed results with job creation exceeding expectations but unemployment rate increasing and wage growth slowing. The non-farm payroll growth was 187,000, surpassing the projected figure of 170,000. However, the unemployment rate rose from 3.5% to 3.8%. Wage growth also slowed to 4.3% year-on-year. The U.S. dollar index fell 0.3% after the release, and the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.7% in premarket trading.
September 01, 2023 | 12:56 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.7% in premarket trading following the release of the August jobs report.
Despite the mixed jobs report, the SPDR S&P 500 ETF Trust rose in premarket trading, indicating that investors may be focusing on the positive aspects of the report, such as the higher-than-expected job creation.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The U.S. dollar index, as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), fell 0.3% after the jobs report release.
The jobs report showed a mixed picture of the U.S. labor market, which likely led to uncertainty among investors and a decrease in the value of the U.S. dollar index.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80