Highlights of key economic statistics from last week compiled by Putnam Investments.
- The CPI rose 1.0% and core CPI increased 0.6% in May, the Bureau of Labor Statistics reported.
- The goods and services trade deficit narrowed in April compared with March, according to the Census Bureau.
- Wholesale sales increased 0.7% in April compared with March, the Census Bureau stated.
- Initial jobless claims rose by 27,000 to 229,000 in the week ended June 4, 2022, the Labor Department noted.
- As of June 2, 2022, of the 495 S&P 500 Index companies reporting first-quarter earnings, 380 beat analysts’ estimates, according to S&P Dow Jones Indices.
- The University of Michigan’s index of consumer sentiment dropped to 50.2 in June from 58.4 in May.
- Eurostat reported euro area GDP grew 0.6% in the first quarter.
- The S&P Global Eurozone Construction PMI fell to 49.2 in May from 50.4 in April.
- Germany’s Federal Statistical Office found factory orders dropped 2.7% in April compared with March.
- 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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