J.P. Morgan Asset Management - The Weekly Brief

13.07.2020 11:03 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Steigende Covid-19-Infektionen und sinkende Aktivitätsdaten in den USA haben Zweifel an der wirtschaftlichen Erholung geweckt. Die US-Wirtschaft verzeichnete im Mai und Juni einen Stellenzuwachs von insgesamt 7,5 Millionen, also etwa ein Drittel der 22,2 Millionen Arbeitsplätze, die zwischen Februar und April verloren gingen. Vor zwei Wochen verwiesen wir auf den besorgniserregenden Anstieg der Neuinfektionen in drei der grössten US-Bundesstaaten, gemessen an der Bevölkerungszahl: Kalifornien, Texas und Florida. Seitdem haben die Fallzahlen in diesen Staaten weiter zugenommen und das Aktivitätsniveau lässt offenbar nach. Die Verbraucher und Unternehmen sind weniger zuversichtlich, was die Rückkehr zur Normalität anbelangt, und die Gouverneure haben begonnen, einige Öffnungsmassnahmen rückgängig zu machen. Deshalb erwarten wir eher eine stossweise Konjunkturerholung als eine Fortsetzung des V-förmigen Aufschwungs, der aus den jüngsten Beschäftigungszahlen hervorgeht.

JPMAM_The Weekly Brief_13.07.2020.pdf

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