Weekly economic update for October 23, 2023

Weekly economic update for October 23, 2023

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


  • Industrial production grew 0.3% in September, the Federal Reserve reported.
  • Retail sales increased 0.7% in September compared with August, the Census Bureau found.
  • Housing starts jumped 7.0% in September compared with August, the Census Bureau stated.


  • Initial jobless claims fell by 13,000 to 198,000 in the week ended October 14, 2023, the Department of Labor reported.


  • As of October 18, 2023, of the 52 S&P 500 Index companies reporting third-quarter earnings, 39 beat analysts’ estimates, according to S&P Dow Jones Indices.


  • The ZEW Indicator of Economic Sentiment for Germany increased in October.


  • Eurostat reported euro area construction production fell 1.1% in August compared with July.
  • Eurostat found euro area annual inflation dropped to 4.3% in September from 5.2% in August.
  • Germany’s Federal Statistical Office stated wholesale prices increased 0.2% in September compared with August.


  • 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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