Weekly economic update for April 24, 2023

Weekly economic update for April 24, 2023

Highlights of key economic statistics from last week compiled by Putnam Investments.


  • Housing starts declined 0.8% in March, the Census Bureau stated.
  • Existing home sales fell 2.4% in March, the National Association of Realtors found.


  • Initial jobless claims increased by 5,000 to 245,000 in the week ended April 15, 2023, the Department of Labor noted.


  • As of April 17, 2023, the S&P 500 Index reported that earnings fell by 6.5% year-over-year for the first quarter, representing the second consecutive quarter with a decline, according to FactSet.


  • The ZEW Indicator of Economic Sentiment for Germany fell sharply in April.


  • Eurostat reported industrial production rose 1.5% in the euro area in February.
  • The European Commission’s Flash Consumer Confidence Indicator improved in April.
  • Germany’s Federal Statistical Office noted producer prices fell 2.6% in March compared with April.


  • The yield on the 10-year Treasury note traded in a range.


  • High energy prices, worsened by the Russia-Ukraine War, 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, are contributing 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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