Private Sector Job Gains Outpace Forecasts In September As US Adds 143,000 Jobs
Portfolio Pulse from Michael Cohen
The U.S. private sector added 143,000 jobs in September, surpassing expectations and indicating a rebound in job creation. Pay growth slowed, suggesting a cooling labor market. The U.S. Dollar Index rose, while gold prices fell. U.S. equity futures declined, with SPY and QQQ closing lower on Tuesday.
October 02, 2024 | 12:30 pm
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NEGATIVE IMPACT
The SPDR Gold Trust (GLD) fell 0.45% as stronger job data reduced demand for gold, a traditional safe-haven asset.
Stronger job data often leads to reduced demand for gold as investors move towards riskier assets, causing a decline in GLD.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Invesco QQQ Trust (QQQ) was down 1.39% on Tuesday, with futures indicating further declines, reflecting market caution despite positive job data.
The decline in QQQ suggests that investors are cautious, possibly due to concerns about tech sector valuations or broader economic conditions, despite positive job data.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) closed 0.9% lower on Tuesday, with futures indicating further declines following the job report.
Despite strong job gains, the market remains cautious, possibly due to concerns about interest rates or other economic factors, leading to a decline in SPY.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (UUP) rose 0.12% following the stronger-than-expected job gains in September, indicating a positive reaction to the economic data.
The stronger job gains suggest a robust economy, which typically strengthens the USD. This is reflected in the rise of UUP, an ETF tracking the USD Index.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80