The SPDR S&P 500 ETF Trust (NYSE:SPY) traded lower by 0.5% Friday morning after the Labor Department reported strong U.S. jobs market numbers from April.
The U.S. added 428,000 jobs in April, beating consensus economist estimates of 400,000 jobs. The U.S. unemployment rate remained at 3.6%, slightly missing the 3.5% level economists had projected. The labor participation rate dropped 0.2% to 62.2% and remains below its 63.4% pre-pandemic rate in February 2020.
