Highlights of key economic statistics from last week compiled by Putnam Investments.
- The S&P Global U.S. Composite PMI Output Index climbed to 57.7 in March from 55.9 in February.
- The trade deficit narrowed in February, the Census Bureau stated.
- Factory orders decreased 0.5% in February, the Census Bureau found.
- Initial jobless claims fell by 5,000 to 166,000 in the week ended April 2, 2022, the Department of Labor reported.
- As of March 31, 2022, of the 500 S&P 500 Index companies that reported fourth-quarter earnings, 378 beat analysts’ estimates, according to S&P Dow Jones Indices.
- The Sentix Investor Confidence Index for the eurozone declined in April.
- Eurostat noted industrial producer prices rose 1.1% in February compared with January.
- Markit Economics reported the S&P Global Eurozone Composite PMI Output Index declined to 54.9 in March from 55.5 in February.
- The yield on the 10-year Treasury note rose.
- The Federal Open Market Committee stated in March meeting minutes: “Many participants noted that one or more 50 basis point increases in the target range could be appropriate at future meetings.”
- Rising energy prices, worsened by the Russia-Ukraine crisis, increase the risk of stagflation and recession, even as central banks seek monetary policy normalization.
- Declining liquidity and deteriorating financial conditions, combined with high valuations, should lead to a substantial uptick in risk asset volatility.
- Global leverage is at worrisome levels, and will eventually need to be paid for, at a time when most developed markets are facing a fiscal drag from the end of post-pandemic stimulus.
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All economic and performance information is historical and does not guarantee future results. The views and opinions expressed are those of Putnam Investments, are subject to change with market conditions, and are not meant as investment advice.
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