Analysis: Autoworkers Are A Missing Piece In The October Jobs Report. Here's Why That Matters.
Portfolio Pulse from Surbhi Jain
The October nonfarm payrolls report shows an increase of 150,000 jobs and an unemployment rate of 3.9%. However, the report also shows a 33,000-job decline in the motor vehicles and parts manufacturing space due to the UAW strike. If these jobs are added back in, the total exceeds expectations. Job gains were seen in several sectors, with the largest gains in the health care sector. Health care sector-tracking ETFs such as the SPDR Select Sector Fund – Health Care (XLV) and the Vanguard Health Care ETF (VHT) were seen gaining 1.04% and 1.26%, respectively.
November 03, 2023 | 5:54 pm
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POSITIVE IMPACT
The Vanguard Health Care ETF (VHT) gained 1.26% following the release of the October jobs report.
The October jobs report showed significant job gains in the health care sector, which likely contributed to the increase in the price of the VHT ETF.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 75
POSITIVE IMPACT
The SPDR Select Sector Fund – Health Care (XLV) gained 1.04% following the release of the October jobs report.
The October jobs report showed significant job gains in the health care sector, which likely contributed to the increase in the price of the XLV ETF.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 75