Weekly economic update for August 28, 2023

Weekly economic update for August 28, 2023

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


  • Existing home sales fell 2.2% in July, the National Association of Realtors reported.
  • The S&P Global Flash PMI Composite Output Index fell to 50.4 in August from 52.0 in July.
  • Durable goods orders fell 5.2% in July, the Census Bureau found.


  • Initial jobless claims fell by 10,000 to 230,000 in the week ended August 19, 2023, according to the Department of Labor.


  • As of August 16, 2023, of the 465 S&P 500 Index companies reporting second-quarter earnings, 354 beat analysts’ estimates, according to S&P Dow Jones Indices.


  • The European Commission’s Flash Consumer Confidence Indicator for the euro area declined in August.


  • The HCOB Flash Eurozone Composite PMI Output Index fell to 47.0 in August from 48.6 in July.
  • Germany’s Federal Statistical Office noted producer prices dropped 1.1% in July compared with June.
  • German exports to non-EU countries dropped 2.9% in July compared with June, according to Germany’s Federal Statistical Office.


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


  • Deposit flight continues to pressure banks to tighten lending standards, increasing the potential risk of a credit squeeze.
  • 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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