US Economy Adds Only 12,000 Jobs In October, Sharply Misses Estimates As Hurricanes, Strikes Pummel Hiring
Portfolio Pulse from Piero Cingari
The U.S. economy added only 12,000 jobs in October, significantly missing estimates due to hurricanes, strikes, and election uncertainties. Despite the hiring slowdown, the unemployment rate remained at 4.1%. The weak jobs report increased expectations for Federal Reserve rate cuts, leading to a rally in futures on major U.S. equity indices.
November 01, 2024 | 1:00 pm
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The SPDR S&P 500 ETF Trust (SPY) saw a rally in futures following the weak jobs report, as markets anticipate Federal Reserve rate cuts. This comes after a significant decline in SPY the previous day.
The weak jobs report led to increased expectations of Federal Reserve rate cuts, which typically boost stock prices. SPY futures rose by 0.5% following the report, indicating a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80