Weekly economic update for April 3, 2023

Weekly economic update for April 3, 2023

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


  • The trade deficit increased in February, the Census Bureau stated in an advance report.
  • GDP grew at an annual rate of 2.6% in the fourth quarter, the Bureau of Economic Analysis stated in its third estimate.
  • Wholesale inventories increased 0.2% in February compared with January, the Census Bureau noted in an advance report.


  • Initial jobless claims rose by 7,000 to 198,000 in the week ended March 25, 2023, according to the Department of Labor.


  • Corporate profits decreased 2.0% in the fourth quarter after falling less than 0.1% in the third quarter, according to the Bureau of Economic Analysis.


  • The Conference Board Consumer Confidence Index improved in March.


  • Eurostat reported euro area annual inflation is expected to fall to 6.9% in March from 8.5% in February.
  • The European Commission’s Economic Sentiment Indicator declined in the euro area in March.
  • The ifo Business Climate Index for Germany rose in March.


  • The yield on the 10-year Treasury note rose.


  • 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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