J.P. Morgan Asset Management - The Weekly Brief

28.10.2013 15:09 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die in der vergangenen Woche veröffentlichten britischen Arbeitsmarktdaten haben gezeigt, dass das Lohnwachstum nicht mit der Inflation Schritt hält. Damit geht der reale Wertverlust, den Angestellte erfahren, weiter. Wegen der Sparpolitik gibt es keine Lohnerhöhungen im öffentlichen Sektor, damit einher nimmt die Unterbeschäftigung zu (obwohl die Arbeitnehmer gerne für mehr Lohn mehr Stunden arbeiten würden). Dies könnte das gedämpfte Lohnwachstum Grossbritanniens der vergangenen Jahre erklären. Wie im Wochen-Chart dargestellt, ist der Anstieg der Kerninflation im Jahresvergleich stärker als der jährliche Lohnzuwachs. Für die Wirtschaft ein

zweischneidiges Schwert: Auf der einen Seite schlägt das schlechte Lohnwachstum auf die Konsumentenstimmung. Die Folge: geringerer Kosum. Auf der anderen Seite sollten die sinkenden Reallöhne in einem globalen Markt die Wettbewerbsfähigkeit britischer Waren stärken und potenziell eine Erhöhung des Wirtschaftswachstums durch erhöhte Exporttätigkeit mit sich bringen.

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