ADP Nonfarm Employment Change (Jul) +122K vs +147K Est.
Portfolio Pulse from Benzinga Newsdesk
The ADP Nonfarm Employment Change for July reported an increase of 122,000 jobs, falling short of the estimated 147,000 jobs.
July 31, 2024 | 12:16 pm
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The ADP Nonfarm Employment Change for July reported an increase of 122,000 jobs, which is below the estimated 147,000 jobs. This could indicate a slower-than-expected economic recovery, potentially impacting the SPY ETF negatively in the short term.
The SPY ETF, which tracks the S&P 500, could be negatively impacted by the lower-than-expected job growth, as it may signal a slower economic recovery. Investors might react to this news by selling off stocks, leading to a potential decline in SPY's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80