Weekly economic update for November 13, 2023

Weekly economic update for November 13, 2023

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


  • Wholesale sales grew 2.2% in September compared with August, the Census Bureau stated.
  • The trade deficit widened in September, according to the Bureau of Economic Analysis.


  • Initial jobless claims fell by 3,000 to 217,000 in the week ended November 4, 2023, the Department of Labor noted.


  • As of November 3, 2023, of the 81% of S&P 500 Index companies reporting third-quarter earnings, 82% have reported a positive EPS surprise, according to FactSet.


  • The eurozone’s Sentix Economic Index improved in October, indicating an increase in optimism.


  • The HCOB Eurozone Composite PMI Output Index fell to 46.5 in October from 47.2 in September.
  • According to Eurostat, euro area industrial producer prices rose by 0.5% in September compared with August.
  • Germany’s Federal Statistical Office found industrial production fell 1.4% in September compared with August.


  • The yield on the 10-year Treasury note traded in a range.


  • 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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