The S&P 500 (SPX) is trading slightly lower on Thursday following the release of new jobs data from the Department of Labor.
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Forget margin or options. Here's how the pros trade QQQFor the week ended April 11, initial jobless claims fell by 11,000 to 207,000, below the consensus estimate of 213,000. Continuing jobless claims, which trail initial claims by a week, rose by 31,000 to 1.818 million and were slightly above the expectation of 1.81 million. Initial jobless claims serve as a gauge of layoffs, while continuing jobless claims track the number of people receiving unemployment benefits and reflect ongoing unemployment.
Labor Market Holds Steady amid U.S.-Iran War
Both jobless claims and continuing jobless claims have remained in a tight trend for several weeks, signaling a theme of employers being hesitant to fire and hire employees. It also shows that the economic effects of the U.S.-Iran war haven’t severely impacted the labor market.
“Weekly jobless claims are perhaps the best real-time pulse check on US jobs, and this morning, they’re signaling a continued resilient labor market,” said economist Mohamed A. El-Erian.
Rate cut odds rose following the data, with the odds of a 25 bps reduction by year-end climbing to 28.8% from 27.9% a day ago on the CME FedWatch tool.