Weekly economic update for March 11, 2024

Weekly economic update for March 11, 2024

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


  • The S&P Global US PMI Output Index rose to 52.5 in February from 52.0 in January.
  • Factory orders dropped 3.6% in January, the Census Bureau stated.
  • Wholesale sales fell 1.7% in January compared with December, the Census Bureau noted.


  • Initial jobless claims remained unchanged at 217,000 in the week ended March 2, 2024, compared with the previous week, according to the Department of Labor.
  • The U.S. added 275,000 jobs and the unemployment rate rose to 3.9% in February from 3.7% in January, the Bureau of Labor Statistics reported.


  • As of February 29, 2024, of the 485 S&P 500 Index companies reporting fourth-quarter earnings, 359 beat analysts’ estimates, according to S&P Dow Jones Indices.


  • The RCM/TIPP Economic Optimism Index fell in March.


  • Eurostat found euro area retail trade increased 0.1% in January compared with December.
  • Eurostat noted euro area industrial producer prices fell 0.9% in the euro area in January compared with December.
  • The HCOB Eurozone Composite PMI Output Index for the euro area climbed to 49.2 in February from 47.9 in January.


  • The European Central Bank held rates steady.
  • The yield on the 10-year Treasury note declined.


  • 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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