USA Initial Jobless Claims 258K Vs 231K Est.; 225K Prior
Portfolio Pulse from Benzinga Newsdesk
The USA's initial jobless claims have risen to 258,000, surpassing the estimated 231,000 and the previous 225,000. This increase in jobless claims may indicate a weakening labor market.
October 10, 2024 | 12:30 pm
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The rise in initial jobless claims to 258K, above estimates, could negatively impact SPY as it suggests potential economic slowdown.
SPY, an ETF that tracks the S&P 500, is sensitive to economic indicators. The higher-than-expected jobless claims suggest a potential slowdown in the economy, which could lead to a negative market sentiment and impact SPY's performance.
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