Weekly economic update for December 11, 2023

Weekly economic update for December 11, 2023

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


  • The trade deficit increased in October, the Census Bureau reported.
  • Factory orders fell 3.6% in October, the Census Bureau stated.


  • Initial jobless claims rose by 1,000 to 220,000 in the week ended December 2, 2023, according to the Department of Labor.
  • The U.S. added 199,000 jobs and the unemployment rate fell to 3.7% in November from 3.9% in October, the Bureau of Labor Statistics reported.


  • As of December 7, 2023, of the 494 S&P 500 Index companies reporting third-quarter earnings, 394 beat estimates, according to S&P Dow Jones Indices.


  • In the AAII Investor Sentiment Survey ended December 6, 2023, the number of participants reporting a bearish sentiment increased.


  • The HCOB Eurozone Composite PMI Output Index rose to 47.6 in November from 46.5 in October.
  • Eurostat found euro area industrial producer prices rose 0.2% in October compared with September.
  • Eurostat reported euro area retail sales increased 0.1% in October compared with September.


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