Weekly economic update for February 5, 2024

Weekly economic update for February 5, 2024

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


  • Construction spending rose 0.9% in December compared with November, the Census Bureau reported.
  • Home prices posted an annual gain of 5.1% in November, up from 4.7% in October, according to the S&P CoreLogic/Case Shiller Index.


  • Initial jobless claims increased by 9,000 to 224,000 in the week ended January 27, 2024, the Department of Labor Found.
  • The U.S. added 353,000 jobs and the unemployment rate remained unchanged at 3.7% in January, the Bureau of Labor Statistics reported.


  • As of January 31, 2024, of the 185 S&P 500 Index companies reporting fourth-quarter earnings, 140 beat analysts’ estimates, according to S&P Dow Jones Indices.


  • The Conference Board Consumer Confidence Index rose in January, reaching a two-year high.


  • Eurostat noted the euro area annual inflation rate is expected to fall to 2.8% in January from 2.9% in December.
  • The HCOB Eurozone Manufacturing PMI rose to 46.6 in January from 44.4 in December.
  • The HCOB Germany Manufacturing PMI climbed to 45.5 in January from 43.3 in December.


  • The yield on the 10-year Treasury note declined.
  • The Bank of England decided to maintain its bank rate at 5.25%.
  • The Federal Reserve held rates steady.


  • Rate of inflation moderation
  • Slower economic growth amid higher interest rates
  • Magnitude of earnings degradation

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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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