Crucial September jobs report kicks off a new month

Published On Sep 1, 2024, 8:34 AM

The article discusses the upcoming jobs report set to be released on Friday, which is anticipated to show whether the US labor market is slowing or remaining strong. After a disappointing July job report where only 114,000 jobs were added and the unemployment rate rose to 4.3%, there are mixed signals from the economy. Economists expect August numbers to show an addition of around 163,000 jobs with a slight decrease in unemployment to 4.2%. The article also highlights how upcoming inflation data could influence Federal Reserve decisions regarding interest rates.

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Stock Forecasts

SPYView SPY chart on TradingView

Positive

Given the expected slight decrease in the unemployment rate and the projected addition of jobs, coupled with recent positive trends in inflation, it is likely that the stock market could respond positively, especially in sectors sensitive to economic performance.

QQQView QQQ chart on TradingView

Positive

The potential job addition figures and unemployment rate decrease could alleviate recession fears in the tech sector, pointing towards a positive outlook for tech stocks.

AVGOView AVGO chart on TradingView

Positive

With the earnings results from Broadcom shedding light on semiconductor industry performance, positive job growth may bolster investor sentiment towards tech and related industries to support the stock's upward movement.

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