By the numbers: The economy this week
Update for November 30, 2020
Highlights of key economic statistics from last week compiled by Putnam Investments.
- GDP grew at an annual rate of 33.1% in the third quarter, according to a second estimate from the Bureau of Economic Analysis.
- Durable goods orders increased 1.3% in October, the Census Bureau stated in an advance estimate.
- New home sales declined 0.3% in October, compared with September, the Census Bureau and U.S. Department of Housing and Urban Development announced.
- Initial jobless claims reached 778,000 in the week ended November 21, 2020, according to the Department of Labor.
- Profits increased 27.1% at a quarterly rate in the third quarter after decreasing 10.3% in the second quarter, according to the Bureau of Economic Analysis.
- The University of Michigan’s final reading of its index of consumer sentiment fell to 76.9 in November from 81.8 in October.
- The Markit Flash Eurozone Composite PMI Output Index fell to 45.1 in November from 50.0 in October, hitting a six-month low.
- Germany’s GDP rose by 8.5% in the third quarter, compared with the previous quarter, the Federal Statistical Office reported.
- The ifo Business Confidence Index for Germany fell in November.
- The yield on the 10-year Treasury note traded in a narrow range.
- In its November meeting minutes, the Federal Open Market Committee noted that “they recognized that circumstances could shift” to warrant adjustments to its asset purchasing program in the future.
- A slowdown in the pace of mobility gains globally due to regional virus case spikes will continue to act as a drag on economic recovery.
- 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.
- Even with a Covid-19 vaccine on the horizon, the U.S. economy needs additional fiscal stimulus to plug aggregate income shortfalls through the second quarter of 2021.
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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