Weekly economic update for February 12, 2024


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


economy

  • The S&P Global US Composite PMI Output Index climbed to 52.0 in January from 50.9 in December.
  • The trade deficit increased in December, according to the Census Bureau.

Employment

  • Initial jobless claims fell by 9,000 to 218,000 in the week ended February 3, 2024, the Department of Labor Found.

Profits

  • As of February 2, 2024, 46% of S&P 500 Index companies have reported fourth-quarter earnings for 2023. Of these companies, 72% have reported actual EPS above estimates, according to FactSet.

Emotion

  • The RCM/TIPP Economic Optimism Index fell in February.

Europe

  • Eurostat noted euro area retail trade fell by 1.1% in December compared with November.
  • Eurostat reported euro area Industrial producer prices fell 0.8% in December compared with November.
  • The HCOB Eurozone Construction PMI fell to 41.3 in January from 43.6 in December.

Rates

  • The yield on the 10-year Treasury note rose.

Risks

  • Rate of inflation moderation
  • Slower economic growth amid higher interest rates
  • Magnitude of earnings degradation

Go behind the numbers for commentary from Putnam's active investors

Putnam Perspectives


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.