Weekly economic update for January 29, 2024

Weekly economic update for January 29, 2024

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


  • Real GDP increased at an annual rate of 3.3% in the fourth quarter of 2023, the Bureau of Economic Analysis stated in an advance report.
  • Existing home sales fell 1.0% in December, according to the National Association of Realtors.
  • The Conference Board Leading Economic Index declined in December.


  • Initial jobless claims increased by 25,000 to 214,000 in the week ended January 20, 2024, the Department of Labor found.


  • As of January 17, 2024, of the 42 S&P 500 Index companies reporting fourth-quarter earnings, 31 beat analysts’ estimates, according to S&P Dow Jones Indices.


  • The European Commission’s Consumer Confidence Indicator for the euro area dropped in January.


  • The HCOB Flash Eurozone Composite PMI Output Index rose to 47.9 in January from 47.6 in December.
  • The HCOB Flash Germany Composite PMI Output Index fell to 47.1 in January from 47.4 in December.
  • The ifo Business Climate Index declined in January.


  • The yield on the 10-year Treasury note traded in a range.
  • The European Central Bank decided to keep its three key interest rates unchanged.
  • The Bank of Japan decided to maintain its negative rate policy.


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

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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.

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