Weekly economic update for June 12, 2023

Weekly economic update for June 12, 2023

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


  • Factory orders rose 0.4% in April, the Census Bureau stated.
  • The trade deficit widened in April compared with March, according to the Census Bureau.


  • Initial jobless claims rose by 28,000 to 261,000 in the week ended June 3, 2023, the Department of Labor found.


  • As of June 1, 2023, with 99% of the S&P 500 Index companies reporting first-quarter earnings, 78% reported a positive EPS surprise and 75% reported a positive revenue surprise, according to FactSet.


  • The IBD/TIPP Economic Optimism Index inched higher in June but remained at a negative level.


  • Eurostat noted GDP growth fell by 0.1% in the euro area and grew by 0.1% in the EU in the first quarter.
  • The HCOB Eurozone Construction PMI dipped to 44.6 in May from 45.2 in April.
  • Eurostat noted retail sales was unchanged in the euro area in April compared with March.


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


  • Deposit flight continues to pressure banks to tighten lending standards, increasing the potential risk of a credit squeeze.
  • 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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