The SPDR S&P 500 ETF Trust (NYSE:SPY) gave up some of its early week gains on Friday as another round of jobs data reassured investors the U.S. labor market is still booming.
On Friday, the Labor Department reported the U.S. economy added 528,000 jobs in August, more than double economist estimates of 258,000 jobs. The 3.5% U.S. unemployment rate is now back to pre-pandemic levels, and the economy has fully recovered all the jobs it lost during the COVID-19 shutdowns.
