The latest Job Openings and Labor Turnover Survey showed that available positions dropped to 9.93 million in February – marking the first time in nearly two years that job openings have fallen below 10 million. The data seems to be suggesting that hiring is slowing and possibly responding to the policy tightening measures from the Federal Reserve. The March payrolls report would be the latest in a series of labor market updates released this week. They anticipate that the unemployment rate held steady at 3.6%.Įconomists also predict that average hourly wages gained 0.3% from the prior month and grew 4.3% over the past 12 months. Bureau of Labor Statistics will be issuing its jobs report that day, along with the unemployment rate and the latest wage data.Įconomists polled by Dow Jones are calling for an increase of 238,000 payrolls in March, compared to February's hotter-than-expected rise of 311,000. Though the stock market is closed on Good Friday, the U.S. The labor market is top of mind for investors, with March's payrolls report coming on Friday. So we're not including or really focused on consumer applications," Lee said. "This strategy is really focused on industrial automation and robotics. The new fund may stand out more at first what it does not include, such as iRobot, the company that makes the Roomba vacuum robot. The fund's top holdings include chipmaker Nvidia and industrial companies like Siemens and Rockwell Automation, according to VanEck's website. So we try to have really strict rules about who comes in the portfolio and who comes out," said JP Lee, a product manager at VanEck. A lot of what you see out there might be a little bit watered down, might not be pure-play. "We're trying to bring pure-play strategies to market. ![]() The new fund joins a varied list of sector and thematic ETFs at VanEck, including funds focused on semiconductors ( SMH ) and video gaming and esports ( ESPO ). The VanEck Robotics ETF will trade under the ticker IBOT and carries a management fee of 0.47%. "The odds are much higher that it will cause a recession – and even a significant recession – than most people are currently willing to believe."Ĭorrection: A previous headline misstated the day of the week.Īsset management firm on Thursday announced the launch of its newest thematic ETF, focused on robotics and industrial automation. Jobless claims data "lends credence to the idea that the Fed's rate hikes are beginning to cool down the labor market and slow down the economy," said Chris Zaccarelli, CIO at Independent Advisor Alliance. Nonfarm payrolls have been showing solid growth despite layoffs across tech and financial sectors, but many believe the trend is poised to reverse soon. Investors will still closely monitor March jobs report Friday morning. Thursday capped off a shortened trading week with the market closed for Good Friday. "The Fed built a wall with interest rates and now the economy is running into it," said Jamie Cox, managing partner at Harris Financial Group. But they are now wondering if the central bank has gone too far in its bid to cool inflation, tightening the economy to the point of a recession. Over the past several months, investors had cheered signs of economic cooling on the hope that it could push the Federal Reserve to change course on its interest rate hiking campaign. Job cuts have also soared by nearly fivefold so far this year from a year ago. Meanwhile, the number of available positions fell below 10 million in February - a first in almost two years. The expansion in private payrolls was well below expectations in March, ADP said earlier this week. ![]() The market remained volatile as the latest weekly jobless claims came in higher than expected, adding to recent signals that pointed to slowing job growth. The tech-heavy Nasdaq fell 1.1% this week, while the 30-stock Dow rose 0.6%. ![]() The S&P 500 still lost 0.1% on the week, posting its first losing week in four. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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