Highlights of key economic statistics from last week compiled by Putnam Investments.
- Real GDP grew at an annual rate of 4.9% in the third quarter, the Bureau of Economic Analysis noted in an advance report.
- The trade deficit increased in September compared with August, according to an advance report from the census Bureau.
- Durable goods orders grew 4.7% in September, the Census Bureau stated in an advance report.
- Initial jobless claims rose by 10,000 to 210,000 in the week ended October 21, 2023, the Department of Labor stated.
- As of October 25, 2023, of the 171 S&P 500 Index companies reporting third-quarter earnings, 131 beat analysts’ estimates, according to S&P Dow Jones Indices.
- The European Commission’s Flash Consumer Confidence Indicator fell slightly in the euro area in October.
- The HCOB Flash Eurozone Composite PMI Output Index fell to 46.5 in October from 47.2 in September.
- The HCOB Flash Germany Composite PMI Output Index dropped to 45.8 in October from 46.4 in September.
- The ifo Business Climate Index for Germany rose in October.
- The yield on the 10-year Treasury note declined.
- The European Central Bank decided to hold rates steady.
- 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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