Highlights of key economic statistics from last week compiled by Putnam Investments.
- The Conference Board Leading Economic Index increased in October.
- The Producer Price Index for final demand increased 0.2% in October, according to the Bureau of Labor Statistics.
- Retail sales grew 1.3% in October, according to an advance report from the Census Bureau.
- Initial jobless claims fell by 4,000 to 222,000 in the week ended November 12, 2022, the Department of Labor reported.
- As of November 9, 2022, of the 452 S&P 500 Index companies reporting third-quarter earnings, 306 beat analysts’ estimates, according to S&P Dow Jones Indices.
- The ZEW Indicator of Economic Sentiment for Germany rose in November but remained at a negative level.
- Eurostat reported euro area annual inflation climbed to 10.6% in October from 9.9% in September.
- Euro area industrial production rose 0.9% in September compared with August, Eurostat found.
- Eurostat stated euro area GDP grew 0.2% in the third quarter.
- The yield on the 10-year Treasury note traded in a range.
- High energy prices, worsened by the Russia-Ukraine War, increase the risk of stagflation and recession, even as central banks seek monetary policy normalization.
- Declining liquidity and deteriorating financial conditions, combined with high valuations, are contributing to a substantial uptick in risk asset volatility.
- Global leverage is at worrisome levels and will eventually need to be paid for, at a time when most developed markets are facing a fiscal drag from the end of post-pandemic stimulus.
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