J.P. Morgan Asset Management - The Weekly Brief

17.02.2020 10:49 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

n den letzten Monaten haben sich viele wichtige US-Wirtschaftsdaten verbessert. Die Verbraucher sind wieder zuversichtlicher und die Umfragewerte im Fertigungs- und Dienstleistungssektor sind gestiegen. Auch die Beschäftigung hat weiter zugenommen, wobei die Zahl der Erwerbstätigen ausserhalb der Landwirtschaft im letzten Monat um 225.000 zulegte. Allerdings sind die Stellenangebote in den USA neuerdings rückläufig, was vor dem letzten Konjunkturabschwung ein Warnsignal dafür war, dass die Beschäftigung bald nachlassen würde. Obwohl das absolute Niveau der offenen Stellen weiterhin robust ist, deutet der Rückgang im vergangenen Jahr daraufhin, dass die Nachfrage nach Arbeitskräften gesunken ist. Deshalb sollten Anleger den riskanteren Teil ihres Portfolios eventuell mit defensiven Vermögenswerten ausgleichen, z.B. Staatsanleihen, die eine gewisse Absicherung bieten könnten, falls die Beschäftigungszahlen unter Druck geraten.

JPMAM_The Weekly Brief_17.02.2020.pdf

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