Average Hourly Earnings Month Over Month (May) +0.4% vs +0.3% Est.
Portfolio Pulse from Benzinga Newsdesk
The Average Hourly Earnings for May increased by 0.4%, surpassing the estimated 0.3%.
June 07, 2024 | 12:31 pm
News sentiment analysis
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POSITIVE IMPACT
The Average Hourly Earnings for May increased by 0.4%, surpassing the estimated 0.3%. This could indicate stronger consumer spending power, potentially boosting the overall market sentiment.
Higher-than-expected earnings growth suggests increased consumer spending power, which can positively impact the broader market. SPY, being an ETF that tracks the S&P 500, is likely to benefit from this improved market sentiment.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50