J.P. Morgan Asset Management - The Weekly Brief

12.09.2022 12:39 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Der zusammengesetzte Einkaufsmanagerindex (EMI) für die Eurozone fiel im August auf 48,9 und erreichte damit ein 18-Monats-Tief. Die Auftragseingangskomponente der Unternehmensumfrage sank weiter in den kontraktiven Bereich, was darauf hindeutet, dass der Inflationsdruck und die damit verbundene Belastung der Realeinkommen weiterhin die Nachfrage dämpfen. Die Beschäftigung ist derweil erneut gestiegen, wobei die Beschäftigungskomponente des Index mit 52,5 im expansiven Bereich bleibt. Allerdings hat sich der Stellenzuwachs von Juli bis August aufgrund des schwächeren Geschäftsvertrauens verlangsamt. Nach Russlands Ankündigung, die Gaslieferungen nach Europa über Nord Stream auf unbestimmte Zeit einzustellen, könnte die Personalnachfrage der Arbeitgeber in den kommenden Monaten weiter nachlassen, zumal sich der Konjunkturausblick für Europa verschlechtert. Daher besteht die Gefahr, dass nach den Neuaufträgen auch die Beschäftigungskomponente unter 50 Zähler in den kontraktiven Bereich fällt.

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