Weekly economic update for January 8, 2024

Weekly economic update for January 8, 2024

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


  • The S&P Global US Composite PMI Output Index rose to 50.9 in December from 50.7 in November.
  • Construction spending grew 0.4% in November compared with October, the Census Department found.


  • Initial jobless claims rose fell by 18,000 to 202,000 in the week ended December 30, 2023.
  • The U.S. added 216,000 jobs in December and the unemployment rate remained unchanged at 3.7%, the Bureau of Labor Statistics reported.


  • As of December 29, 2023, of the 16 S&P 500 Index companies reporting fourth-quarter earnings, 15 beat analysts’ estimates, according to S&P Dow Jones Indices.


  • The number of investors citing a bullish sentiment, anticipating that stock prices will rise in the next six months, rose 2.3 percentage points in the AAII Investor Sentiment Survey ended January 3, 2024, compared with the previous week.


  • The HCOB Eurozone Composite PMI Output Index remained unchanged in December at 47.6 compared with November.
  • Eurostat reported euro area annual inflation is likely to rise to 2.9% in December, compared with 2.4% in November.


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


  • 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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