Jobs Report Adds to Economic Momentum for Harris

Published On Oct 4, 2024, 10:21 AM

Recent economic data has shown significant improvement in the U.S. economy, highlighted by a strong jobs report indicating 254,000 jobs were added in September. Inflation indicators are nearing the Federal Reserve's target, and mortgage rates have plummeted following a interest rate cut. This favorable economic climate bolsters Vice President Kamala Harris's campaign, as she gains ground in the polls contrasting her economic management skills against former President Trump. However, some economists remain skeptical, cautioning that the strength evidenced by the jobs report could mask underlying economic risks.

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Stock Forecasts

XLYView XLY chart on TradingView

Positive

As the economy shows robustness with strong job growth and declining inflation, sectors such as consumer discretionary and housing might perform well due to increased spending power and lower mortgage rates.

XLFView XLF chart on TradingView

Negative

Conversely, finance-related stocks may face pressure if further interest rate cuts are anticipated to support the economy, potentially impacting profit margins.

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