In May, the ADP reported a significant slowdown in U.S. job growth, with only 37,000 private payrolls added, contrasting sharply against the forecast of 110,000 new jobs and the previous month's addition of 60,000. This marks the weakest month for job creation since March 2023. Despite this disappointing data, the Vanguard S&P 500 ETF (VOO) remained stable, influenced by strong earnings from S&P 500 companies. As the market anticipates the upcoming Bureau of Labor Statistics job report, which may show a more favorable outlook, analysts remain cautiously optimistic for the ETF's performance in the coming days.
The ADP report indicated only 37,000 jobs were added in May, significantly below the forecast of 110,000 and also lower than April's figures.
Despite the weak hiring numbers in May, strong earnings from S&P 500 companies are stabilizing the Vanguard S&P 500 ETF, which remained flat in premarket trading.
The upcoming Bureau of Labor Statistics report may provide a different perspective, estimating 125,000 new nonfarm jobs created in May, diverging from ADP's findings.
Dollar Tree's earnings exceeded expectations, showing the resilience of some companies despite sales misses, indicating potential for future growth.
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