USA Average Hourly Earnings (MoM) For August 0.7% Vs 0.3% Est.; -0.1% Prior
Portfolio Pulse from Benzinga Newsdesk
The USA's average hourly earnings for August increased by 0.7%, significantly surpassing the estimated 0.3% and reversing the previous month's decline of 0.1%.
September 06, 2024 | 12:30 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The significant increase in average hourly earnings for August could indicate stronger consumer spending power, potentially boosting the overall market sentiment and positively impacting SPY.
SPY, as an ETF that tracks the S&P 500, is likely to be influenced by macroeconomic indicators such as average hourly earnings. The unexpected rise suggests increased consumer spending, which can lead to higher corporate revenues and potentially boost stock prices.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50