{"id":241989,"date":"2021-10-13T17:27:11","date_gmt":"2021-10-13T16:27:11","guid":{"rendered":"https:\/\/elementum.pt\/2021\/10\/13\/inflacao-monetaria-diminui-os-rendimentos-nos-eua\/"},"modified":"2022-08-01T12:33:06","modified_gmt":"2022-08-01T11:33:06","slug":"inflacao-monetaria-diminui-os-rendimentos-nos-eua","status":"publish","type":"post","link":"https:\/\/elementum.pt\/pt-pt\/inflacao-monetaria-diminui-os-rendimentos-nos-eua\/","title":{"rendered":"Infla\u00e7\u00e3o Monet\u00e1ria Diminui os Rendimentos nos EUA"},"content":{"rendered":"<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/365469-1.png\" width=\"600\" height=\"250\" alt=\"\" \/><br \/><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">A infla\u00e7\u00e3o depre\u00e7os nos EUA continua alta e est\u00e1 a diminuir o rendimento real dosamericanos. De julho para agosto, o rendimento pessoal (em termos nominais) detodas as categorias <a href=\"https:\/\/www.bea.gov\/news\/2021\/personal-income-and-outlays-august-2021\" target=\"_blank\" rel=\"noopener\">aumentou 0.2%<\/a><\/span><span style=\"font-family:Verdana;font-size:18px;\">. Estas categorias incluem sal\u00e1rios,cheques de est\u00edmulo, transfer\u00eancias do governo (seguro desemprego, seguran\u00e7asocial, entre outros), e rendimentos de outras fontes (como juros, dividendos earrendamentos).<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">Por\u00e9m, quando seleva em conta a infla\u00e7\u00e3o de pre\u00e7os, <a href=\"https:\/\/wolfstreet.com\/2021\/10\/01\/incomes-outgunned-by-red-hot-inflation-americans-spent-heroically-on-goods-but-lagged-on-services\/\" target=\"_blank\" rel=\"noopener\">o rendimento caiu 0.2%<\/a><\/span><span style=\"font-family:Verdana;font-size:18px;\">. Se as transfer\u00eancias do n\u00e3o forem levadasem conta, o rendimento real caiu 0.3%. Gra\u00e7as \u00e0 infla\u00e7\u00e3o monet\u00e1ria, osamericanos t\u00eam mais dinheiro (em termos nominais), mas t\u00eam menos poder decompra.<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><strong>Figura 1 \u2013Rendimento Pessoal Real &#8211; Trilh\u00f5es de D\u00f3lares (2014-2021)<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><img decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/51_1-1.png\" width=\"600\" height=\"600\" alt=\"\" \/><br \/><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong>Fonte:Wolf Street.<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong><br \/><\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><strong>Figura 2 &#8211; RendimentoPessoal Real &#8211; Trilh\u00f5es de D\u00f3lares, Excluindo as Transfer\u00eancias do Governo(2014-2021)<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><img decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/43_2-1.png\" width=\"600\" height=\"600\" alt=\"\" \/><br \/><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong>Linha Verde:Tend\u00eancia Pr\u00e9-Pandemia.<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong>Fonte: WolfStreet.<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong><br \/><\/strong><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">O consumo tamb\u00e9mfoi afetado. Os gastos do consumidor aumentaram 0.8% no mesmo per\u00edodo. Por\u00e9m,ao contar com a infla\u00e7\u00e3o de pre\u00e7os, os gastos aumentaram apenas 0.4%. Ou seja,metade deste crescimento dos gastos do consumidor foi representado apenas pelofacto de estarem a pagar mais pelos produtos e servi\u00e7os, n\u00e3o porque est\u00e3o acomprar mais.<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><strong>Figura 3 \u2013 Gastosdo Consumidor em Termos Reais &#8211; Trilh\u00f5es de D\u00f3lares (2012-2021)<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/36_3-1.png\" width=\"600\" height=\"600\" alt=\"\" \/><br \/><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong>Linha Verde:Tend\u00eancia Pr\u00e9-Pandemia.<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong>Fonte: WolfStreet.<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong><br \/><\/strong><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">A infla\u00e7\u00e3o depre\u00e7os (o CPI \u2013 Consumer Price Index), embora n\u00e3o esteja a aumentar muito,continua no n\u00edvel mais alto dos \u00faltimos 13 anos, atingindo 5.4%. Desde maiodeste ano, o CPI n\u00e3o ficou abaixo de 5%.<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><strong>Figura 4 \u2013 CPI(Outubro 2020 \u2013 Setembro 2021)<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/30_4-1.png\" width=\"800\" height=\"350\" alt=\"\" \/><br \/><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong>Fonte: TradingEconomics \u2013 Elabora\u00e7\u00e3o Pr\u00f3pria.<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong><br \/><\/strong><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">Os gastos dogoverno federal <a href=\"https:\/\/d3fy651gv2fhd3.cloudfront.net\/charts\/united-states-government-spending.png?s=unitedstagovspe&amp;v=202109301302V20200908\" target=\"_blank\" rel=\"noopener\">ainda est\u00e3o acima dos n\u00edveis pr\u00e9-2020<\/a><\/span><span style=\"font-family:Verdana;font-size:18px;\">&nbsp;e o d\u00e9fice or\u00e7ament\u00e1rio continua a vir,em muitos meses, muito maior do que dos n\u00edveis pr\u00e9-2020:<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><strong>Figura 5 \u2013 D\u00e9ficeOr\u00e7ament\u00e1rio dos EUA (2015-2021)<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/29_5-1.png\" width=\"800\" height=\"350\" alt=\"\" \/><br \/><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong>Fonte: St. LouisFed.<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong><br \/><\/strong><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">Como o Fed temcomprado cerca de US$ 80 mil milh\u00f5es\/bilh\u00f5es em t\u00edtulos de d\u00edvida do governorec\u00e9m-emitidos (para financiar boa parte destes d\u00e9fices), a oferta monet\u00e1riaque efetivamente entra na economia (M2) continua a aumentar (embora a um ritmomenor do que no ano passado, mas o suficiente para fazer press\u00e3o no CPI):<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><strong>Figura 6 \u2013 M2 dosEUA (2017-2021)<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/9_6-1.png\" width=\"800\" height=\"350\" alt=\"\" \/><br \/><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong>Fonte: TradingEconomics \u2013 Elabora\u00e7\u00e3o Pr\u00f3pria.<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong><br \/><\/strong><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">Deve-se levar emconta que o CPI divulgado pelo governo n\u00e3o reflete a perda do poder de comprana sua totalidade. Um dos motivos \u00e9 o pre\u00e7o dos arrendamentos\/alugu\u00e9is, <a href=\"https:\/\/youtu.be\/-8fTTXh75l0?t=1330\" target=\"_blank\" rel=\"noopener\">querepresentam 1\/3 do CPI<\/a><\/span><span style=\"font-family:Verdana;font-size:18px;\">. Em julho de 2021, o CPI anual foi 5.4% e oaumento anual dos pre\u00e7os dos arrendamentos foi de 2.5%. Ou seja, o aumentomenor dos arrendamentos (que s\u00e3o um grande componente do CPI) ajudou a diminuiro valor do CPI. Por\u00e9m, se considerarmos o aumento dos arrendamentos observadospelos pre\u00e7os do <a href=\"https:\/\/www.realtor.com\" target=\"_blank\" rel=\"noopener\">realtor.com<\/a><\/span><span style=\"font-family:Verdana;font-size:18px;\">, que possui v\u00e1rias propriedades paraarrendar, o aumento anual foi de 25%! Ou seja, 10 vezes maior que o aumentodivulgado pelo governo e usado para calcular o CPI.<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">&nbsp;&nbsp;&nbsp;<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">Como o governocontinua a gastar a n\u00edveis maiores que os \u00faltimos anos e o Fed segue comprart\u00edtulos rec\u00e9m-emitidos, \u00e9 cada vez mais dif\u00edcil baixar o CPI.<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">E o governocontinuar\u00e1 a se endividar. Recentemente, o senado <a href=\"https:\/\/br.sputniknews.com\/americas\/2021100818101031-senado-dos-eua-aprova-extensao-de-teto-da-divida-para-us-480-bi-evitando-incumprimento\/\" target=\"_blank\" rel=\"noopener\">aprovou o aumento do teto ded\u00edvida<\/a>. Se o <a href=\"https:\/\/youtu.be\/y-Ru4DCT5aE\" target=\"_blank\" rel=\"noopener\">teto de d\u00edvida<\/a><\/span><span style=\"font-family:Verdana;font-size:18px;\">&nbsp;n\u00e3o fosseaumentado at\u00e9 18 de outubro, o governo federal n\u00e3o teria como se financiar.<\/span><span style=\"font-family:Verdana;font-size:18px;\">&nbsp;Por\u00e9m, este aumento \u00e9 \u201ctempor\u00e1rio\u201d (at\u00e9 3 de dezembro). At\u00e9 l\u00e1, istoter\u00e1 de ser discutido no congresso novamente. Ser\u00e1 que o teto ser\u00e1 aumentadonovamente? N\u00e3o prenda a respira\u00e7\u00e3o.<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">&nbsp;<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">Andr\u00e9 Marques<\/span> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A infla\u00e7\u00e3o depre\u00e7os nos EUA continua alta e est\u00e1 a diminuir o rendiment<\/p>\n","protected":false},"author":4,"featured_media":241990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-241989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sem-categoria"],"_links":{"self":[{"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/posts\/241989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/comments?post=241989"}],"version-history":[{"count":0,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/posts\/241989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/media\/241990"}],"wp:attachment":[{"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/media?parent=241989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/categories?post=241989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/tags?post=241989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}