USA: "excess" household savings keep the consumption engine running. In the Eurozone, the focus is on Italy's investment plans. The strong but temporary rise in inflation rates remains the predominant market topic.
Chart of the month
Unlike previous recessions, the cyclical turning point for unemployment came at an early stage – in Switzerland it reached 3.5% in January 2021. In addition, generous short-time work programmes in Europe caused an astonishingly small variation in unemployment figures and leading indicators suggest that service providers are hiring again. Nevertheless, we also expect structural damage to the labour market in this crisis, especially in hard-hit sectors. Moreover, graduates and school leavers are likely to suffer from a more cautious recruitment policy. In Canton Zurich, for example, the number of registered apprenticeships this school year is significantly lower than in previous years.