Weekly economic update for May 1, 2023

Weekly economic update for May 1, 2023

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


  • GDP grew at an annual rate of 1.1% in the first quarter, the Bureau of Economic Analysis found.
  • Durable goods orders increased 3.2% in March, the Census Bureau stated in an advance report.
  • Wholesale inventories rose 0.1% in March compared with February, according to an advance report from the Census Bureau.


  • Initial jobless claims fell by 16,000 to 230,000 in the week ended April 22, 2023, the Department of Labor noted.


  • As of April 21, 2023, with 18% of S&P 500 Index companies reporting earnings,76% reported a positive EPS surprise and 63% reported a positive revenue surprise, according to FactSet.


  • The Conference Board Consumer Confidence Index fell in April.


  • In a flash estimate, Eurostat reported euro area GDP grew 0.1% in the first quarter.
  • The European Commission’s Economic Sentiment Indicator for the euro area remained unchanged in April compared with March.
  • The ifo Business Climate Survey for Germany improved slightly in April.


  • The yield on the 10-year Treasury note declined.
  • The Bank of Japan held rates steady and announced plans to review its accommodative monetary policy.


  • 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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