Weekly economic update for March 13, 2023

Weekly economic update for March 13, 2023

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


  • Factory orders declined 1.6% in January, the Census Bureau stated.
  • Wholesale sales rose 1.0% in January compared with December, the Census Bureau noted.


  • Initial jobless claims rose by 21,000 to 211,000 in the week ended March 4, 2023, the Department of Labor reported.
  • The U.S. added 311,000 jobs and the unemployment rate rose to 3.6% in February from 3.4% in January.


  • As of March 3, 2023, with 99% of S&P 500 Index companies reporting fourth-quarter earnings, 69% of companies reported a positive EPS surprise and 65% reported a positive revenue surprise, according to FactSet.


  • The IBD/TIPP Economic Optimism Index rose in March.


  • Eurostat reported euro area retail trade increased 0.3% in January.
  • Eurostat found euro area services declined by 2.1% in December compared with November.
  • Germany’s Federal Statistical Office noted factory orders increased 1.0% in January compared with December.


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


  • High 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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