Update for July 22, 2019
Highlights of key economic statistics from last week compiled by Putnam Investments.
- Import prices fell 0.9% and export prices declined 0.7% in June, the Bureau of Labor Statistics noted.
- In an advance estimate, the Census Bureau stated that retail sales rose 0.4% in June.
- Business inventories increased 0.3% in May, the Census Bureau reported.
- Initial jobless claims rose by 8,000 to 216,000 in the week ended July 13, 2019, according to the Labor Department.
- As of July 11, 2019, of the 23 companies of the S&P 500 Index reporting second-quarter earnings, 19 beat analysts’ estimates, according to S&P Dow Jones Indices.
- The University of Michigan’s index of consumer sentiment rose to 98.4 in July from 98.2 in June.
- Eurostat reported the euro area posted a trade surplus in May.
- Euro area annual inflation rose to 1.3% in June from 1.2% in May, according to Eurostat.
- Construction output in the euro area decreased by 0.3% in May, Eurostat stated.
- The ZEW Indicator of Economic Sentiment for Germany declined in July.
- The yield on the 10-year U.S. Treasury note declined.
- Economic activity expanded at a moderate pace from mid-May through early July, according to the Federal Open Market Committee’s Beige Book report.
- No resolution to China trade war, or opening a new front with Europe on autos, risks more equity market turmoil.
- Brexit, Italian debt dynamics, and the re-emergence of populism risk tipping Europe back into recession.
- Weak stimulus in China thus far is showing little sign of slowing the pace of deceleration.