Economic and market updates
Economic Update for March 10, 2014 | Download PDF
Highlights of news-making events of the past week, from the economy and profits to Europe and interest rates.
The ISM reported manufacturing and services expanded in February. Consumer spending rose 0.4%, construction spending was up 0.1%, and factory orders fell 0.7% in January, the Commerce Dept. noted. The trade deficit increased in January. The BLS reported labor productivity rose at a 1.8% annual rate in the fourth quarter. The HSBC China Services PMI signaled contraction in February.
The U.S. added 175,000 jobs in February and the unemployment rate rose to 6.7% from 6.6% in January, the Labor Dept. reported. Initial jobless claims fell by 26,000 to 323,000 in the week ended March 1, 2014. The four-week moving average was 336,500. The ADP National Employment Report found the private sector added 139,000 jobs in February.
Of the 486 S&P 500 Index companies reporting fourth-quarter earnings as of February 28, 2014, 312 — or 64.2% — beat analysts' estimates, according to S&P Dow Jones Indices.
The Bloomberg Consumer Comfort Index rose to -28.5 in the week ended March 2, 2014, from -28.6 in the prior week.
Eurostat reported retail trade rose and producer prices fell in the euro area in January. In its second estimate, Eurostat found the GDP in the euro area rose by 0.3% in the fourth quarter of 2013. The Markit Eurozone Composite PMI rose to 53.3 in February from 52.9 in January. Germany's Federal Statistical Office noted industrial production rose by 0.8% in January.
The yield on the 10-year U.S. Treasury note rose. The Bank of England's Monetary Policy Committee voted to maintain the bank rate at 0.5%. The European Central Bank Governing Council voted to maintain its benchmark interest rates.
- Interest-rate volatility as the Fed tapers quantitative easing policy
- Geopolitical risk in Eastern Europe
FOR INVESTMENT PROFESSIONAL USE ONLY — Not for public distribution
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.