Investor Presentaiton
Reopening of economies looks set to ease
supply constraints
Decomposition of US real private consumption
(2020 Q2=100)
140.0
-Durable goods
NOMURA
-Nondurable goods
135.0
Services
130.0
125.0
120.0
115.0
110.0
105.0
100.0
95.0
1Q 2Q
2019
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q (CY)
2020
2021
Source: Nomura, based on US BEA data
Nomura does not consider it likely that
accelerating inflation, serious downturn of the
Chinese economy, or a state of stagflation
combining the two will hinder the reopening of
the global economy from the pandemic.
The reopening of economies from the
pandemic will shift the axis of demand from
durable goods to services.
Such a shift will ease the supply constraints
along with expansion of overall demand.
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