Highlights of key economic statistics from last week compiled by Putnam Investments.
- Construction spending rose 0.2% in October compared with September, the Census Bureau stated.
- The IHS Markit U.S. Manufacturing PMI dipped to 58.3 in November from 58.4 in October as companies reported supply shortages.
- Initial jobless claims rose by 28,000 to 222,000 in the week ended November 27, 2021, the Department of Labor reported.
- The United States added 210,000 jobs and the unemployment rate fell to 4.2% in November from 4.6% in October, according to the Bureau of Labor Statistics.
- As of November 26, 2021, of the 487 S&P 500 Index companies reporting third-quarter earnings, 390 beat analysts’ estimates, according to S&P Dow Jones Indices.
- The Conference Board Consumer Confidence Index decreased in November.
- Eurostat reported euro area annual inflation is expected to rise to 4.9% in November from 4.1% in October.
- Eurostat stated euro area industrial producer prices increased 5.4% in October compared with September.
- Germany’s Federal Statistical Office noted retail sales fell 0.3% in October compared with September.
- The yield on the 10-year Treasury note declined.
- In its Beige Book report, the Federal Reserve noted economic activity grew at a modest to moderate pace in most districts in November.
- 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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