Weekly Jobless Claims Unexpectedly Fall 20K To 201K
Portfolio Pulse from Vandana Singh
The Labor Department reported that weekly initial jobless claims were 201,000, a decrease of 20,000 from the previous week's revised level. This figure is below the average economist estimates of 225,000 and lower than the previous week's revised level. The 4-week moving average was 217,000, a decrease of 7,750 from the previous week's revised average. The advance seasonally adjusted insured unemployment rate was 1.1% for the week ending September 09, unchanged from the previous week's unrevised rate.
September 21, 2023 | 12:44 pm
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POSITIVE IMPACT
The unexpected decrease in jobless claims could be seen as a positive sign for the economy, potentially leading to a positive impact on the SPY ETF, which tracks the S&P 500.
Jobless claims are a leading economic indicator. A decrease in jobless claims suggests that fewer people are losing their jobs, which could be a sign of a strengthening economy. This could lead to increased investor confidence and a potential rise in the stock market, which would positively impact the SPY ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75