Highlights of key economic statistics from last week compiled by Putnam Investments.
- The trade deficit narrowed in August, the Census Bureau noted.
- Factory orders increased 1.2% in August, according to the Census Bureau.
- Initial jobless claims rose by 2,000 to 207,000 in the week ended September 30, 2023, the Department of Labor stated.
- The U.S. added 336,000 jobs and the unemployment rate remained unchanged at 3.8% in September, according to the Bureau of Labor Statistics.
- As of September 29, 2023, of the 14 S&P 500 Index companies reporting third-quarter earnings, 12 beat analysts’ estimates, according to S&P Dow Jones Indices.
- The IBD/TIPP Economic Optimism Index plunged in October, hitting a 12-year low.
- Eurostat found euro area retail sales decreased by 1.2% in August.
- Eurostat reported euro area industrial producer prices rose 0.6% in August compared with July.
- 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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