J.P. Morgan Asset Management - The Weekly Brief

29.08.2022 11:12 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die Unternehmensumfragen zum Einkaufsmanagerindex (EMI) der Industrieländer gingen im August zurück, wobei sowohl die Werte in der Eurozone als auch in den USA weiter unter 50 Zähler und damit in den kontraktiven Bereich fielen. Während die Eurozone die Erwartungen eines grösseren Rückgangs übertraf, erreichte der US-Index ein 21-Monats-Tief von 45,0. Grund für diesen besonders schwachen Wert war ein unerwarteter Rückgang des EMI im US-Dienstleistungssektor auf 44,1. Die Befragten scheinen zunehmend besorgt, dass steigende Zinsen und die hohe Inflation die Verbraucherausgaben in einem Sektor dämpfen, der über drei Viertel der US-Wirtschaft ausmacht. Es gab aber auch erfreulichere Details in den Umfragen: Die Beschäftigungskomponenten blieben im positiven Bereich, und der Druck auf die Inputpreise schien nachzulassen. Dennoch bestätigen diese Umfragen, dass der Wachstumsausblick weiterhin mit Risiken behaftet ist.

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