Weekly economic update for May 15, 2023

Weekly economic update for May 15, 2023

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


  • The CPI rose 0.4% and core CPI increased 0.4% in April, according to the Bureau of Labor Statistics.
  • Wholesale sales fell 2.1% in March compared with February, the Census Bureau stated.
  • The Producer Price Index for final demand rose 0.2% in April, the Bureau of Labor Statistics found.


  • Initial jobless claims jumped by 22,000 to 264,000 in the week ended May 6, 2023, the Department of Labor stated.


  • As of May 9, 2023, of the 450 S&P 500 Index companies reporting first-quarter earnings, 344 beat analysts’ estimates, according to S&P Dow Jones Indices.


  • The NFIB Small Business Optimism Index decreased in April.


  • Germany’s Federal Statistical Office noted industrial production dropped 3.4% in March compared with February.
  • Germany’s annual inflation rate fell to 7.2% in April from 7.4% in March, the Federal Statistical Office stated.


  • The yield on the 10-year Treasury note declined.
  • The Bank of England raised the bank rate by 25 basis points.


  • 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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