By the numbers: The economy this week

Update for September 3, 2019   |   Download PDF

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

economy

  • In its second estimate, the Bureau of Economic Analysis reported that GDP grew at an annual rate of 2.0% in the second quarter.
  • Durable goods orders jumped 2.1% in July, according to an advance report from the Census Bureau.
  • In an advance estimate by the Census Bureau, the trade deficit narrowed in July.
  • Consumer spending increased 0.6% in July, the Bureau of Economic Analysis stated.

employment

  • Initial jobless claims rose by 4,000 to 215,000 in the week ended August 24, 2019, according to the Labor Department.

profits

  • As of August 22, 2019, of the 480 S&P 500 Index companies reporting second-quarter earnings, 353 — or 73.5% — beat analysts’ estimates, according to S&P Dow Jones Indices.

emotion

  • The Conference Board Consumer Confidence Index fell in August.
  • The University of Michigan’s index of consumer sentiment dropped to 89.8 in August from 98.4 in July.

europe

  • Eurostat reported that euro area annual inflation remained stable at 1.0% in August.
  • The European Commission’s Business Climate Indicator and Economic Sentiment Indicator for the euro area both rose in August.
  • Germany’s Federal Statistical Office reported that GDP contracted -0.1% in the second quarter.
  • The ifo Business Climate Index for Germany fell in August.

rates

  • The yield on the 10-year U.S. Treasury note traded in a narrow range.

risks

  • No resolution to China trade war, or opening a new front with Europe on autos, risks more equity market turmoil.
  • Brexit, Italian debt dynamics, and the re-emergence of populism risk tipping Europe back into recession.
  • Weak stimulus in China thus far is showing little sign of slowing the pace of deceleration.

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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.