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Winning Sector ETFs In Light of February Jobs Data
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The United States economy added 311,000 jobs in February of 2023, beating market expectations of 225,000. The unemployment rate in the United States edged up to 3.6% in February 2023, up from a 50-year low of 3.4% recorded in January and above market expectations of 3.4%.
The unemployment rate rose to 3.6%, amid an uptick in the labor force participation rate to 62.5%, its highest level since March 2020. Average hourly earnings jumped 4.6% from the year-ago level, below the estimate for 4.8%. The monthly increase of 0.2% also was below the 0.4% estimate.
Below, we have highlighted some of the sectors that will likely gain in the days ahead in light of the February jobs data.
Winning Sector ETFs
Leisure
Employment in leisure and hospitality rose by 105,000. Leisure and hospitality added an average of 91,000 jobs per month over the prior six months. Employment in the industry remains below its pre-pandemic February 2020 level by 2.4%. The data makes Invesco Dynamic Leisure and Entertainment ETF (PEJ - Free Report) a timely investment.
Retail
Employment in retail trade was decent in February (+50,000). The sector reflects an increase in general merchandise retailers (+39,000). SPDR S&P Retail ETF (XRT - Free Report) outlook deserves a look.
Healthcare
Employment in the healthcare industry increased by 44,000 in February. Job gains occurred in hospitals (+19,000), and nursing and residential care facilities (+14,000). Job growth in health care averaged 54,000 over the past six months. Health Care Select Sector SPDR ETF (XLV - Free Report) can be played to tap the momentum.
Construction
Employment in Construction rose by 24,000 in February. Construction employment increased by an average of 20,000 per month over the prior six months. Invesco Dynamic Building & Construction ETF (PKB - Free Report) can thus be considered for a play.
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Winning Sector ETFs In Light of February Jobs Data
The United States economy added 311,000 jobs in February of 2023, beating market expectations of 225,000. The unemployment rate in the United States edged up to 3.6% in February 2023, up from a 50-year low of 3.4% recorded in January and above market expectations of 3.4%.
The unemployment rate rose to 3.6%, amid an uptick in the labor force participation rate to 62.5%, its highest level since March 2020. Average hourly earnings jumped 4.6% from the year-ago level, below the estimate for 4.8%. The monthly increase of 0.2% also was below the 0.4% estimate.
Below, we have highlighted some of the sectors that will likely gain in the days ahead in light of the February jobs data.
Winning Sector ETFs
Leisure
Employment in leisure and hospitality rose by 105,000. Leisure and hospitality added an average of 91,000 jobs per month over the prior six months. Employment in the industry remains below its pre-pandemic February 2020 level by 2.4%. The data makes Invesco Dynamic Leisure and Entertainment ETF (PEJ - Free Report) a timely investment.
Retail
Employment in retail trade was decent in February (+50,000). The sector reflects an increase in general merchandise retailers (+39,000). SPDR S&P Retail ETF (XRT - Free Report) outlook deserves a look.
Healthcare
Employment in the healthcare industry increased by 44,000 in February. Job gains occurred in hospitals (+19,000), and nursing and residential care facilities (+14,000). Job growth in health care averaged 54,000 over the past six months. Health Care Select Sector SPDR ETF (XLV - Free Report) can be played to tap the momentum.
Construction
Employment in Construction rose by 24,000 in February. Construction employment increased by an average of 20,000 per month over the prior six months. Invesco Dynamic Building & Construction ETF (PKB - Free Report) can thus be considered for a play.