Health Care Workers Underpin US Jobs Growth In February
Portfolio Pulse from Neil Dennis
In February, the U.S. saw a significant jobs growth, with the health care sector leading by adding 67,000 jobs, contributing to over a quarter of the total 275,000 jobs created. The Health Care Select Sector SPDR Fund (XLV) has seen an 8% increase this year, reflecting the sector's strong performance. Other notable job growths were in government employment, construction, transportation and warehousing, and retail trade, with respective ETFs like the Invesco Building & Construction ETF (PKB) and the iShares Transportation Average ETF (IYT) also experiencing gains.
March 08, 2024 | 3:20 pm
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POSITIVE IMPACT
The iShares Transportation Average ETF (IYT) has gained nearly 7% so far in 2024, despite the transportation and warehousing sector's overall job losses since July 2022.
The IYT ETF's gain, despite the transportation sector's job losses, suggests investor confidence in the sector's recovery and growth potential, contributing to the ETF's positive performance.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
The Invesco Building & Construction ETF (PKB) is up nearly 13% year-to-date, following a surge in construction jobs, especially in heavy and civil engineering.
The increase in construction jobs, particularly in heavy and civil engineering, has likely contributed to the positive performance of the PKB ETF, which focuses on the construction industry.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
The Health Care Select Sector SPDR Fund (XLV) has gained nearly 8% this year, buoyed by the health care sector's significant contribution to job growth in February.
The health care sector's robust job growth directly impacts the performance of the XLV ETF, which tracks the industry. This growth is likely to attract more investors, pushing the ETF's price up.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The SPDR S&P Retail ETF (XRT) is up nearly 5% year-to-date, following a modest increase in retail trade employment in February.
The slight increase in retail trade employment in February likely contributed to the positive performance of the XRT ETF, which tracks the retail sector, indicating a potential for continued growth.
CONFIDENCE 70
IMPORTANCE 65
RELEVANCE 60