J.P. Morgan Asset Management - The Weekly Brief

13.09.2021 13:45 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die Entstehung von Arbeitsplätzen im US-Freizeit- und Gastgewerbe kam im August nach mehreren Monaten starker Beschäftigungszuwächse zum Erliegen, da der Sektor ggü. dem Vormonat keine neuen Stellen schuf. Dieser Rückgang war zum grossen Teil der Grund für die deutliche Enttäuschung über die neusten Beschäftigungszahlen (ohne Landwirtschaft), die die Konsenserwartungen um 493.000 Arbeitsplätze verfehlten. Wie wir zum Jahreswechsel gesehen haben, ist das Freizeit- und Gastgewerbe besonders anfällig für eine Verschlechterung der coronabedingten Hospitalisierungen. Da die Klinikbelegungen in den USA nach wie vor steigen, vor allem bei den Ungeimpften, könnte der Stellenzuwachs im Freizeit- und Gastgewerbe bzw. anderen coronasensiblen Sektoren in den nächsten Monaten weiterhin gering ausfallen. Wir glauben, dass die Delta-Variante die Erholung am Arbeitsmarkt wahrscheinlich nicht unterbinden wird, aber sie scheint sie zu verlangsamen. Sollte Covid-19 den Beschäftigungsaufschwung weiter verzögern, wird die Fed ihre Wertpapierkäufe möglicherweise erst Anfang nächsten Jahres reduzieren.

JPMAM_The Weekly Brief_13.09.2021.pdf

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