Weekly economic update for February 13, 2023

Weekly economic update for February 13, 2023

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


  • The trade deficit increased in December, the Census Bureau reported.
  • Wholesale inventories increased 0.1% in December compared with November, the Census Bureau found.


  • Initial jobless claims rose by 13,000 to 196,000 in the week ended February 4, 2023, according to the Department of Labor.


  • As of February 2, 2023, of the 244 S&P 500 Index companies reporting fourth-quarter earnings, 166 beat analysts’ estimates, according to S&P Dow Jones Indices.


  • The IBD/TIPP U.S. Economic Optimism Index rose in February.


  • Eurostat reported euro area retail trade fell 2.7% in December compared with November.
  • The S&P Global Eurozone Construction PMI rose to 46.1 in January from 42.6 in December.


  • 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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