Weekly economic update for February 20, 2024


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


economy

  • The CPI rose 0.3% and core CPI increased 0.4% in January, the Bureau of Labor Statistics found.
  • The Producer Price Index for final demand fell 0.1% in December, the Bureau of Labor Statistics reported.

Employment

  • Initial jobless claims fell by 8,000 to 212,000 in the week ended February 10, 2024, the Department of Labor Found.

Profits

  • As of February 7, 2024, of the 320 S&P 500 Index companies reporting fourth-quarter earnings, 247 beat analysts’ estimates, according to S&P Dow Jones Indices.

Emotion

  • The NFIB Small Business Optimism Index decreased in January.

Europe

  • Eurostat reported industrial production rose 2.6% in the euro area in December compared with November.
  • Eurostat found the GDP growth rate remained stable in the euro area and rose 0.1% in the EU in the fourth quarter.
  • The ZEW Indicator of Economic Sentiment for Germany increased in February.

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

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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.