Weekly economic update for June 5, 2023

Weekly economic update for June 5, 2023

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


  • The S&P Global U.S. Manufacturing PMI Index dropped to 48.4 in May from 50.2 in April.
  • Construction spending rose 1.2% in April compared with March, the Census Bureau noted.


  • Initial jobless claims rose by 2,000 to 232,000 in the week ended May 27, 2023, the Department of Labor stated.
  • The U.S. added 339,000 jobs in May and the unemployment rate rose to 3.7% from 3.4% in April, according to the Bureau of Labor Statistics.


  • As of May 31, 2023, of the 488 S&P 500 Index companies reporting first-quarter earnings, 375 beat analysts’ estimates, according to S&P Dow Jones Indices.


  • The Conference Board Consumer Confidence Index fell in May.


  • The European Commission’s Economic Sentiment Indicator decreased in the euro area in May.
  • Germany’s Federal Statistical Office reported import prices declined 1.7% in April compared with March.


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


  • 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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