Surprise Surge: May Job Openings Reach 8.14M, Beating Forecast
Portfolio Pulse from Michael Juliano
The number of job openings for May came in higher than expected at 8.14 million, surpassing the forecast of 7.91 million. This indicates a strong labor market, with the ratio of job openings to unemployed individuals matching pre-pandemic levels. Index-related ETFs saw modest gains following the release of the data.
July 02, 2024 | 4:01 pm
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POSITIVE IMPACT
Invesco NASDAQ 100 ETF (QQQM) gained 0.25% following the release of the JOLTS data, reflecting investor confidence in the tech-heavy NASDAQ 100 index.
Positive labor market data boosts investor sentiment, particularly in growth-oriented indices like the NASDAQ 100, tracked by QQQM.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
SPDR S&P 500 ETF Trust (SPY) saw a modest increase of 0.04% following the release of higher-than-expected job openings data for May, indicating a strong labor market.
The higher-than-expected job openings data suggests economic strength, which positively impacts broad market indices like the S&P 500, tracked by SPY.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Vanguard S&P 500 ETF (VOO) edged up 0.06% after the release of higher-than-expected job openings data for May, indicating a strong labor market.
The strong labor market data positively impacts broad market indices like the S&P 500, tracked by VOO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80