Highlights of key economic statistics from last week compiled by Putnam Investments.
- New home sales fell 2.0% in February compared with January, the Census Bureau found.
- Durable goods orders declined 2.2% in February, in an advance report from the Census Bureau.
- Initial jobless claims fell by 28,000 to 187,000 in the week ended March 19, 2022, the Department of Labor stated.
- As of March 17, 2022, of the 499 S&P 500 Index companies that reported fourth-quarter earnings, 377 beat analysts’ estimates, according to S&P Dow Jones Indices.
- The University of Michigan’s index of consumer sentiment fell to 59.4 in March from 62.8 in February.
- The European Commission’s Flash Consumer Confidence Indicator for the euro area plunged in March.
- The S&P Global Flash Eurozone PMI Composite Output Index fell to 54.5 in March from 55.5 in February.
- Eurostat reported construction output increased 3.9% in January compared with December.
- The yield on the 10-year Treasury note rose.
- Federal Reserve Chair Jerome Powell said the Fed will take steps to achieve price stability: “In particular, if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so.”
- Rising energy prices, worsened by the Russia-Ukraine crisis, 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, should lead 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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