TD Ameritrade's Chief Strategist On The Jobs Numbers: It's Hard Not To Like
TD Ameritrade Chief Strategist JJ Kinahan commented on Friday’s job numbers, saying, “it’s hard not to like” as Kinahan noted more jobs, higher revisions for the past two months and wage growth.
"The private sector actually created 267,000 jobs,” which is a “healthier sign” than public sector job growth from Kinahan’s perspective.
The next measure will be the retail sales report on Thursday. “We need to see people out spending,” according to Kinahan. A positive indicator was this week’s auto numbers, which were “really good but the [last] durable goods orders...were really poor” and “those are both high ticket items, when people feel positive they’ll spend money on them.”
Kinahan stated that one of the first places people spend money is in retail because of cheaper items. An example might be “moving up...from Wal-Mart to Target to Macy’s to Nordstrom’s,” which is “a good measure of consumer confidence.”
The SPDR S&P 500 ETF Trust (NYSE: SPY) was down slightly at $205.83 on Friday.
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