By the numbers: The economy this week
Update for January 11, 2020
Highlights of key economic statistics from last week compiled by Putnam Investments.
- The Markit U.S. Composite PMI Output Index fell to 55.3 in December from 58.6 in November.
- Construction spending grew 0.9% in November, compared with October, the Census Bureau stated.
- Factory orders increased 1.0% in November, according to the Census Bureau.
- Initial jobless claims reached 787,000 in the week ended January 2, 2021, according to the Labor Department.
- The U.S. lost 140,000 jobs in December and the unemployment rate remained unchanged at 6.7%, the Bureau of Labor Statistics reported.
- As of December 31, 2020, of the 13 S&P 500 Index companies reporting fourth-quarter earnings, 13 beat analysts’ estimates, according to S&P Dow Jones Indices.
- Eurostat reported that the euro area Economic Sentiment Indicator rose in December.
- The Markit Eurozone Composite PMI Output Index rose to 49.1 in December from 45.3 in November.
- Eurostat noted that euro area retail sales fell 6.1% in November compared with October.
- Eurostat reported that euro area industrial producer prices increased 0.4% in November compared with October.
- The yield on the 10-year Treasury note rose.
- In its December meeting minutes, Federal Reserve policy makers noted “increased challenges for the economy in the coming months” due to the surge in COVID-19 cases and related social-distancing measures.
- A slowdown in the pace of mobility gains globally due to regional virus case spikes will continue to act as a drag on economic recovery.
- Global leverage, created by pandemic response packages, is at worrisome levels and will eventually will need to be paid for.
- Pandemic and financial repression policies have exacerbated global wealth inequality.
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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.
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