J.P. Morgan Asset Management - The Weekly Brief

17.06.2019 11:23 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Letzte Woche verzeichnete der Business Optimism Index der NFIB – eine Umfrage unter kleinen Unternehmen in den USA – im Mai einen Anstieg um 1,5 Punkte auf 105. Interessanterweise stieg die Nettozahl der Firmen, die eine Erhöhung der Mitarbeitergehälter planten, um 4 Prozentpunkte auf 24%. Dies ist ein Anzeichen dafür, dass der Arbeitskostendruck der Unternehmen aufgrund des abnehmenden Arbeitskräfteangebots zunimmt. Auf der einen Seite sind dies gute Nachrichten, da die Verbraucher somit über mehr Geld verfügen, das sie ausgeben können. Auf der anderen Seite geben die Firmen höhere Lohnkosten nicht an die Verbraucher weiter, da die Inflation der US-Verbraucherpreise aufgrund des Rückgangs der Inflation auf 1,8% im Jahresvergleich für den Monat Mai weiterhin schwach ist. Wenn der Lohndruck die Rate, mit der die Firmen ihre Preise erhöhen können, weiterhin übertrifft, müssen die Unternehmen entweder ihre Produktivität steigern oder sich mit geringeren Gewinnmargen begnügen.

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