White House Official Notes Key Costs Must Be Lowered But Sees Progress; Expects Lower Payroll Numbers This Week Due To Hurricanes And Strikes, While Emphasizing Resilient Labor Market
Portfolio Pulse from Benzinga Newsdesk
A White House official highlighted the need to lower key costs while acknowledging progress in the economy. The official expects lower payroll numbers this week due to hurricanes and strikes but emphasized the resilience of the labor market.
October 30, 2024 | 1:48 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF (SPY) may experience short-term volatility due to expected lower payroll numbers from hurricanes and strikes, despite a resilient labor market.
The SPY ETF, which tracks the S&P 500, could be impacted by macroeconomic factors such as payroll numbers. The expected drop in payrolls due to external factors like hurricanes and strikes might cause short-term market fluctuations, but the overall resilience of the labor market could mitigate long-term effects.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50