Private Nonfarm Payrolls (May) +229k vs +170K Est.
Portfolio Pulse from Benzinga Newsdesk
Private nonfarm payrolls for May increased by 229,000, surpassing the estimated 170,000. This indicates a stronger-than-expected job market.
June 07, 2024 | 12:30 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF (SPY) is likely to see a positive impact due to the stronger-than-expected increase in private nonfarm payrolls for May, which suggests a robust job market.
A stronger-than-expected job market typically boosts investor confidence, leading to potential gains in broad market ETFs like SPY.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80