Online retail giant Amazon is ready to inject a healthy dose of employment into the already-strong labor market. CNBC reported that the company will hire more than 15,000 employees in the Seattle suburb of Bellevue.
Amazon’s plans are to build a 43-story tower, which is already in progress after plans were unveiled last July. The building will include 1 million square feet of office space and expected completion date is set for 2024.
Three ETFs to consider with Amazon exposure:
- Fidelity MSCI Consumer Discretionary Index ETF (FDIS): seeks to provide investment returns that correspond generally to the performance of the MSCI USA IMI Consumer Discretionary Index. The index represents the performance of the consumer discretionary sector in the U.S. equity market.
- Consumer Discret Sel Sect SPDR ETF (NYSEArca: XLY): seeks investment results that correspond to the price and yield performance of publicly traded equity securities of companies in the Consumer Discretionary Select Sector Index. The index includes securities of companies from the following industries: retail; hotels, restaurants and leisure; textiles, apparel and luxury goods; household durables; automobiles; auto components; distributors; leisure products; and diversified consumer services.
- ProShares Online Retail ETF (NYSEArca: ONLN): seeks investment results, before fees and expenses, that track the performance of the ProShares Online Retail Index. The index tracks retailers that principally sell online or through other non-store channels. The index uses a modified market-capitalization weighted approach, is rebalanced monthly and is reconstituted annually.
Private Payrolls Rise
The news comes after private payrolls rose by 291,000 during the month of January, which constituted its best month since May 2015, based on data from ADP and Moody’s Analytics.
The latest number bested the 150,000 estimate expected by economists surveyed by Dow Jones. Furthermore, data shows that the gap between full employment is still a good distance given that unemployment is at historically low levels.
Highlights of the latest jobs report:
- Leisure and hospitality led with 96,000 new jobs
- Education and health services contributed 70,000
- Professional and business services added 49,000
- Construction rose by 47,000, highlighting its best growth since the 62,000 added a year ago
- Manufacturing was up 10,000, to notch its biggest monthly gain since last February
- Services added 237,000 positions compared with 54,000 for goods producers
- Trade transportation and utilities rose by 8,000
- Information and financial activities sectors both contributed 2,000 each
- Natural resources and mining saw a drop of 2,000
“Incredibly, the average unemployment rate under my administration is lower than any administration in the history of our country,” said U.S. President Donald Trump during his State of the Union address. “If we had not reversed the failed economic policies of the previous administration, the world would not now be witness to America’s great economic success.”
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