4 Sector ETFs & Stocks to Bet on Superb May Jobs Data
The U.S. economy added 339,000 jobs in May 2023, the maximum in four months, and breezing past market forecasts of 190,000. Figures for March and April were revised up, bringing employment 93,000 higher than previously reported. Figures hint at a tight labor market, with employment rising by an average of 314,000 per month so far this year.
In May, average hourly earnings for all employees on private nonfarm payrolls increased by 11 cents, or 0.3%, to $33.44. Over the past 12 months, average hourly earnings have risen 4.3%. In May, average hourly earnings of private-sector production and nonsupervisory employees grew by 13 cents, or 0.5% to $28.75.
The average workweek for all employees on private nonfarm payrolls dropped by 0.1 hour to 34.3 hours in May. In manufacturing, the average workweek was same at 40.1 hours, and overtime increased by 0.1 hour to 3.0 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was 33.8 hours.
Below, we have highlighted some of the sectors that will likely see smooth trading in the days ahead in light of the May jobs data.