USA Average Hourly Earnings (MoM) For April 0.2% Vs 0.3% Est; 0.3% Prior
Portfolio Pulse from Benzinga Newsdesk
The USA reported an average hourly earnings increase of 0.2% for April, which is below the estimated 0.3% and equal to the prior month's increase.
May 03, 2024 | 12:30 pm
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NEUTRAL IMPACT
The lower-than-expected increase in average hourly earnings may lead to mixed reactions in the SPY as it reflects slower wage growth.
The SPY, which tracks the S&P 500, is sensitive to economic indicators. A lower-than-expected wage growth suggests a potential slowdown in consumer spending, which could impact overall economic growth and thus influence investor sentiment towards the SPY. However, the impact might be mitigated by other economic factors or market conditions, leading to a neutral short-term price direction.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75