J.P. Morgan Asset Management - The Weekly Brief

28.10.2019 11:40 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die stetigen Einbussen im deutschen verarbeitenden Gewerbe scheinen auch auf den Dienstleistungssektor überzugreifen. Dies geht aus den aktuellen Einkaufsmanagerindizes (EMI) hervor. Die Beschäftigungskomponente des deutschen EMI sank auf 42,5 im verarbeitenden Gewerbe und 52,4 im Dienstleistungsbereich. Damit lag der gesamte deutsche Beschäftigungsindex erstmals seit 2013 unter 50 Zählern, ein Indiz für die Gefahr eines Beschäftigungsrückgangs in Deutschland. In Frankreich haben sich die Daten hingegen verbessert. Hier sind die Beschäftigungsindikatoren sowohl im verarbeitenden Gewerbe als auch im Dienstleistungssektor leicht gestiegen, sodass der französische Gesamtbeschäftigungsindex auf 52,6 zugelegt hat. Der Beschäftigungsindex für die Eurozone ohne Frankreich und Deutschland hat sich im Oktober ebenfalls erhöht. Der Ausblick für Europa dürfte also davon abhängen, ob sich die Flaute in Deutschland auf den Rest des Kontinents ausdehnt oder ob Deutschland in den nächsten Monaten von der erkennbaren Verbesserung im übrigen Europa profitiert.

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