Weekly economic update for May 30, 2023

Weekly economic update for May 30, 2023

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


  • The PCE Price Index rose to an annual rate of 4.4% in April, up from 4.2% in March, the Bureau of Economic Analysis found.
  • GDP grew 1.3% in the first quarter, according to a second estimate by the Bureau of Economic Analysis.
  • New home sales increased 4.1% in April compared with March, the Census Bureau stated.


  • Initial jobless claims rose by 4,000 to 229,000 in the week ended May 20, 2023, the Department of Labor stated.


  • Corporate profits fell 5.1% in the first quarter after falling 2.0% in the fourth quarter, according to the Bureau of Economic Analysis.


  • The European Commission’s Flash Consumer Confidence Indicator remained stable in the euro area in May.


  • The HCOB Flash Eurozone Composite PMI Output Index fell to 53.3 in May from 54.1 in April.
  • Eurostat reported euro area construction production decreased by 2.4% in March compared with February.
  • Germany’s GDP fell by 0.3% in the first quarter compared with the previous quarter, resulting in two consecutive negative quarters of growth, according to the Federal Statistical Office.


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


  • Deposit flight continues to pressure banks to tighten lending standards, increasing the potential risk of a credit squeeze.
  • 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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