Highlights of key economic statistics from last week compiled by Putnam Investments.
- GDP grew at an annual rate of 2.1% in the third quarter, according to a second estimate by the Bureau of Economic Analysis.
- Wholesale inventories rose 2.2% in October compared with September, the Census Bureau stated in an advance report.
- Durable goods orders decreased 0.5% in October, the Census Bureau noted in an advance report.
- Initial jobless claims fell by 71,000 to 199,000 in the week ended November 20, 2021, reaching the lowest level since November 15, 1969.
- As of November 18, 2021, of the 475 S&P 500 Index companies reporting third-quarter earnings, 379 beat analysts’ estimates, according to S&P Dow Jones Indices.
- Corporate profits increased 4.3% at a quarterly rate in the third quarter, according to the Bureau of Economic Analysis.
- The University of Michigan’s index of consumer sentiment fell to 67.4 in November from 71.7 in October, reaching the lowest level since 2011.
- The IHS Markit Flash Eurozone Composite PMI Output Index rose to 55.8 in November from 54.2 in October.
- The European Commission’s Flash Consumer Confidence Indicator fell sharply in November compared with October.
- The ifo Business Climate Index for Germany declined in November.
- The yield on the 10-year Treasury note traded in a wide range.
- Divergent vaccination rollout timelines and virus mutations risk could cause a shift from a synchronized global recovery to a more fractured regional, multispeed recovery.
- Global leverage, created by pandemic response packages, is at worrisome levels and will eventually need to be paid for.
- Upward pressure on inflation from multiple fronts (energy prices, housing costs, and the labor market) could pressure central banks to pull forward their timelines for monetary policy normalization.
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