Biden, Responding To October Jobs Data, Says Job Growth Is Expected To Rebound In November; Adds ' There's More Work To Do'; Says Hurricanes, Strike Activity Lowered Job Growth
Portfolio Pulse from Benzinga Newsdesk
President Biden commented on the October jobs report, noting that job growth is expected to rebound in November. He attributed the lower job growth to hurricanes and strike activity, emphasizing that more work is needed.
November 01, 2024 | 1:28 pm
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The October jobs report showed lower job growth due to hurricanes and strikes, but President Biden expects a rebound in November. This could impact SPY as it reflects overall market sentiment.
SPY, as an ETF that tracks the S&P 500, is sensitive to macroeconomic indicators like job reports. While October's report was weak, the expectation of a rebound in November could stabilize market sentiment, leading to a neutral short-term impact.
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