The SPDR S&P 500 ETF Trust (NYSE:SPY) traded lower by 1% Friday morning after the Labor Department reported strong U.S. jobs market numbers from May.
The U.S. added 390,000 jobs in May, beating consensus economist estimates of 325,000 jobs. The U.S. unemployment rate remained at 3.6%, slightly missing the 3.5% level economists had projected. The labor participation rate increased 0.1% to 62.3% and remains below its 63.4% pre-pandemic rate in February 2020.
