By the numbers: The economy this week
Update for July 6, 2020 | Download PDF
Highlights of key economic statistics from last week compiled by Putnam Investments.
- Pending home sales surged 44.3% in May, the National Association of Realtors reported.
- The Markit U.S. Manufacturing PMI rose to 49.8 in June from 39.8 in May.
- The trade deficit widened in May, the Census Bureau noted.
- The U.S. added 4.8 million jobs and the unemployment rate fell to 11.1% in June from 13.3% in May, according to the Bureau of Labor Statistics.
- Initial jobless claims reached 1,427,000 in the week ended June 27, 2020, the Department of Labor reported.
- As of June 30, 2020, of the 14 S&P 500 Index companies reporting second-quarter earnings, 12 beat analysts’ estimates, according to S&P Dow Jones Indices.
- The European Commission reported that the Economic Sentiment Indicator for the euro area recovered in June.
- Eurostat stated that euro area annual inflation rose to 0.3% in June from 0.1% in May.
- Eurostat noted that euro area industrial producer prices slipped 0.6% in May.
- Retail trade grew 13.9% in May versus April, Germany’s Federal Statistical Office reported.
- The yield on the 10-year Treasury note traded in a narrow range.
- Many countries around the world are now in recession as a result of the "sudden stop" induced by governments to contain the spread of COVID-19.
- The liquidity-fueled recovery in risk assets will at some point need to resolve with the pace of recovery in fundamentals, and the latter may happen over a longer horizon than hoped.
- The small step toward debt mutualization in the eurozone may not be enough to forestall a reckoning with debt dynamics in Italy and the shock of a bad-deal Brexit.
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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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