The post Amazon stock gains as jobs data surprises to the upside, dockworker strike ends appeared on BitcoinEthereumNews.com.

New US hiring comes in 81% above expectations for September. Dockworker strike largely ends as automation negotiations get pushed into next year. Market loses interest with 50 bps November cut, 25 bps becomes gospel. Amazon hiring 250K seasonal jobs for Christmas season.   Amazon (AMZN) stock rose 1.7% on Friday after US jobs data overshot the Wall Street consensus by leaps and bounds. The US Nonfarm Payrolls (NFP) for September reached 254K, according to the US Bureau of Labor Statistics. That figure for hiring was well above consensus for 140K, and the US Unemployment Rate also dropped by a tenth of a percentage point to 4.1%. What’s more, the pathetic NFP released a month ago was revised up from 142K to 159K. And this positive economic turn comes on the heels of a sudden end to the dockworkers strike, which was resolved with a 62% wage hike over six years. Both news items on Friday are tailwinds for Amazon stock, as well as other growth stocks. The Dow Jones Industrial Average (DJIA) rose 0.3% at the time of writing, while the NASDAQ tacked on 0.6%. Amazon stock news: Labor market improves, dockworker strike ends Amazon will benefit by reducing the backlog of imports to its fulfillment network. Dozens of ships, maybe 54 at last check, were queued up at more than 30 ports stretching from Maine to Texas. The three-day strike by the International Longshoremen’s Association may have pushed trade behind schedule, but it won’t be enough to delay Amazon imports for the heavy Christmas buying season. However, the union’s master labor contract will be enforced through January 15, 2025, but the port operators continue to want to increase automation at the ports, a strategy that would likely lead to job losses. The union opposes any turn toward automation, so that…

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Filed under: News - @ October 4, 2024 5:19 pm