By the numbers: The economy this week

Update for December 9, 2019

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

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economy

  • Construction spending fell 0.8% in October, according to the Census Bureau.
  • The Markit U.S. PMI Composite Output Index increased to 52.0 in November from 50.9 in October.

employment

  • Initial jobless claims fell by 10,000 to 203,000 in the week ended November 30, 2019, according to the Labor Department.
  • The U.S. added 266,000 jobs and the unemployment rate slipped to 3.5% in November from 3.6% in October, according to the Bureau of Labor Statistics.

profits

  • As of November 29, 2019, of the 491 S&P 500 Index companies reporting third-quarter earnings, 368 beat analysts’ estimates, according to S&P Dow Jones Indices.

emotion

  • The University of Michigan’s preliminary reading of its index of consumer sentiment rose to 99.2 in December from 96.8 in November.

europe

  • Eurostat reported that industrial producer prices rose by 0.1% in the euro area in October.
  • Euro area GDP grew 0.2% in the third quarter, according to Eurostat.
  • The Markit Eurozone PMI Composite Output Index remained unchanged in November at 50.6.
  • The Markit U.K. PMI Composite Output Index fell to 49.3 in November from 50.0 in October.

rates

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

risks

  • The cumulative effect of tariffs and low corporate confidence will increase pressure on global manufacturing.
  • Brexit, Italian debt dynamics, and a fragile European banking system risk tipping Europe back into recession.
  • Weak stimulus in China thus far is showing little sign of slowing the pace of deceleration.

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.

Your clients should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any Putnam fund or product, call Putnam at 1-800-354-4000. Your clients should read the prospectus carefully before investing.