Weekly economic update for January 17, 2023

Weekly economic update for January 17, 2023

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


  • The CPI declined 0.1% and core CPI rose 0.3% in December, according to the Bureau of Labor statistics.
  • Consumer credit increased at an annual rate of 7.1% in November, the Federal Reserve stated.


  • Initial jobless claims fell by 1,000 to 205,000 in the week ended January 7, 2023, the Department of Labor reported.


  • As of January 6, 2023, of the 18 S&P 500 Index companies reporting fourth-quarter earnings, 15 beat analysts’ estimates, according to S&P Dow Jones Indices.


  • The NFIB Small Business Optimism Index declined in December.


  • Eurostat reported the euro area unemployment rate remained stable at 6.5% in November compared with October.
  • Germany’s Federal Statistical Office found industrial production rose 0.2% in November compared with October.


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


  • 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.

Go behind the numbers for commentary from Putnam’s active investors

Putnam Perspectives

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.

More in: Macroeconomics