By the numbers: The economy this week
Update for June 29, 2020 | Download PDF
Highlights of key economic statistics from last week compiled by Putnam Investments.
- In its third estimate, the Bureau of Economic Analysis reported that GDP decreased at an annual rate of 5.0% in the first quarter.
- Durable goods orders rose 15.8% in May, the Census Bureau stated in an advance report.
- The trade deficit increased in May, the Census Bureau noted in an advance report.
- Wholesale inventories dropped 1.2% in May.
- Initial claims reached 1.48 million in the week ended June 20, 2020, according to the Department of Labor.
- As of June 19, 2020, of the 500 S&P 500 Index companies reporting first-quarter earnings, 329 beat analysts’ estimates, according to S&P Dow Jones Indices.
- The Bureau of Economic Analysis found that corporate profits fell 12.3% at a quarterly rate in the first quarter.
- The University of Michigan’s final reading of its index of consumer sentiment rose to 78.1 in June from 72.3 in May.
- The Markit Flash Eurozone Composite PMI Output Index rose to 47.5 in June from 31.9 in May.
- The ifo Business Climate Index for Germany improved in May.
- The yield on the 10-year Treasury note declined.
- 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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