Weekly economic update for March 6, 2023

Weekly economic update for March 6, 2023

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


  • Durable goods orders plunged 4.5% in January, the Census Bureau stated.
  • Pending home sales jumped 8.1% in January, the National Association of Realtors found.
  • The trade deficit increased in January, according to an advance report from the Census Bureau.


  • Initial jobless claims fell by 2,000 to 190,000 in the week ended February 25, 2023, according to the Department of Labor.


  • As of February 28, 2023, of the 480 S&P 500 Index companies reporting fourth-quarter earnings, 323 beat analysts’ estimates, according to S&P Dow Jones Indices.


  • The Conference Board Consumer Confidence Index declined in February for the second straight month.


  • The European Commission’s Economic Sentiment Indicator for the euro area was flat in February compared with January.
  • Eurostat stated euro area annual inflation is expected to fall to 8.5% in February from 8.6% in January.
  • Germany’s Federal Statistical Office reported import prices fell 1.2% in January compared with December.


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


  • 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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