Weekly economic update for January 30, 2023

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


  • The Conference Board Leading Economic Index declined in December.
  • GDP grew at an annual rate of 2.9% in the fourth quarter, the Bureau of Economic Analysis found in an advance estimate.
  • Durable goods orders increased 5.6% in December, the Census Bureau reported.


  • Initial jobless claims fell by 6,000 to 186,000 in the week ended January 21, 2023, the Department of Labor reported.


  • As of January 20, 2023, of the 55 S&P 500 Index companies reporting fourth-quarter earnings, 39 beat analysts’ estimates, according to S&P Dow Jones Indices.


  • The European Commission’s Flash Consumer Confidence Indicator for the euro area improved in January.


  • The S&P Global Flash Eurozone Composite PMI Output Index rose to 50.2 in January from 49.3 in December.
  • The ifo Business Climate Index for Germany climbed in January.


  • 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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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.