Highlights of key economic statistics from last week compiled by Putnam Investments.
- Factory orders increased 1.6% in May, the Census Bureau found.
- The S&P Global U.S. Composite PMI Output Index fell to 52.3 in June from 53.6 in May.
- Initial jobless claims rose by 4,000 to 235,000 in the week ended July 2, 2022, according to the Department of Labor.
- The U.S. added 372,000 jobs and the unemployment rate remained unchanged at 3.6% in June, the Bureau of Labor Statistics reported.
- As of June 30, 2022, of the 500 S&P 500 Index companies reporting first-quarter earnings, 385 beat analysts’ expectations, according to S&P Dow Jones Indices.
- The AAII Investor Sentiment Survey found bearish sentiment rose 6.1 percentage points, and bullish sentiment fell 3.4 percentage points in the week ended July 6, 2022.
- Euro area industrial producer prices rose 0.7% in May compared with April, Eurostat reported.
- The S&P Global Eurozone Composite PMI Output Index fell to 52.0 in June from 54.8 in May.
- Eurostat reported euro area retail sales grew 0.2% in May compared with April.
- The yield on the 10-year Treasury note rose.
- Rising 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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