Fed Chair Powell Says Immigration Is One Of The Things That Has Allowed Unemployment Rate To Rise; Further Declines In Job Openings Will Translate More Directly Into Unemployment
Portfolio Pulse from Benzinga Newsdesk
Federal Reserve Chair Jerome Powell stated that immigration has contributed to the rise in the unemployment rate. He also mentioned that further declines in job openings could lead to a more direct increase in unemployment.
September 18, 2024 | 7:00 pm
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NEUTRAL IMPACT
The statement by Fed Chair Powell about immigration and unemployment could impact SPY as it reflects broader economic conditions. A rise in unemployment could affect market sentiment and economic outlook.
SPY, as an ETF that tracks the S&P 500, is sensitive to macroeconomic indicators like unemployment. Powell's comments suggest potential economic challenges, but the direct impact on SPY is uncertain without further data.
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