전체기사 최신뉴스 GAM
KYD 디데이

리처드 피셔 총재, '미국 서비스산업' 연설문(원문)

기사입력 :

최종수정 :

※ 본문 글자 크기 조정

  • 더 작게
  • 작게
  • 보통
  • 크게
  • 더 크게

※ 번역할 언어 선택

Richard W. Fisher

The Dog That Does Not Bark but Packs a Big Bite: Services in the U.S. Economy

Remarks before the U.S.–China Business Council, the Coalition of Service Industries and the American Council of Life Insurers
Washington, D.C.
May 14, 2007

Peter Ustinov, the great actor, used to chide the British foreign service by saying he was “convinced there is a small room in the attic of the Foreign Office where future diplomats are taught to stammer.” We do not stammer at the Fed, but we have been known to mumble on occasion. In most central banks, there has traditionally been a premium paid for being opaque.

Alas, obscurity is not our privilege in the reality show that is today’s financial world.

The conduct of monetary policy is inherently a forward-looking exercise: The Fed sets policy with the goal of holding future inflation at a reasonable minimum while helping economic activity and employment grow at maximum sustainable rates. To do so, the Fed must consider both current and expected inflation and growth. A certain degree of transparency and clarity helps increasingly sophisticated business and financial market operators manage risk. Mindful that our actions and deeds condition the expectations of risk takers, it makes sense for central bankers to provide context for our decisions.

This evening, I would like to give you a little perspective from my perch at the Dallas Fed. I would like to talk, hopefully with nary a mumble nor stammer, about the service sector and what I consider the consequences of having services, rather than manufacturing, as the driving force of our economy. These views are my own and, I hasten to add, do not necessarily reflect the views of my colleagues on the Federal Open Market Committee.

First, let me give you some facts to set the stage. America’s economy is a behemoth. In 2005, the Dallas district of the Federal Reserve System—all of Texas, 26 parishes in Louisiana and 18 counties in New Mexico—produced 25 percent more output than India in dollar terms. The Twelfth District, headquartered in San Francisco and overseen by my colleague Janet Yellen, produced more output than all of China. The 140 million workers in the United States produce over $13.2 trillion in economic output; 82 percent of those 140 million workers are employed in the service sector, producing 70 percent of our GDP.

Over the decades, the inexorable forces of capitalist evolution have shifted our economic base from agriculture to manufacturing and now to services. The iconic economist Joseph Schumpeter wrote that “stabilized capitalism is a contradiction in terms.” The transformation of the American economic landscape over time is testimony to our ability to harness our innovative, educated and entrepreneurial culture to master—rather than be victimized by—the instability that is inherent in capitalism. Since the first risk takers arrived on the shores of Virginia and at Plymouth Rock, it has been in our DNA to climb up the value-added ladder. A little history:

* Two hundred years ago, over 90 percent of the U.S. workforce was in agriculture. By the end of the first decade of the 20th century, that share had shrunk to 37 percent of the workforce. Today, less than 1.5 percent of America’s labor pool works on farms and ranches—yet we are producing an agricultural abundance.
* Two hundred years ago, 4 percent of our labor force worked in industry, which includes manufacturing, construction and mining. By 1900, the figure had grown to 28 percent, on its way to peaking at around 38 percent in the 1950s and ’60s. Today, traditional industry employs just 16 percent of our fellow workers—and we’re producing more goods than ever.
* Two hundred years ago, 4 percent of the workforce was in services. The percentage of service workers has steadily grown, reaching 26 percent in 1900, passing 50 percent in the 1950s and, as I mentioned earlier, employing 82 percent of our workforce today.

Let me put these numbers in perspective for you by contrasting them with China. Today, about 44 percent of China’s working population is still in agriculture, compared with America’s 2 percent. Employment in the Chinese industrial sector is 23 percent, compared with our 16 percent. China’s service sector employs a little bit more than 30 percent of China’s laborers, compared with our 82 percent. In other words, China’s labor distribution between agriculture, industry and services is about the same as ours was in 1900.

Since the demise of Mao, the Chinese have made great strides in improving their education system. They are producing graduates in prodigious quantities. And yet they are a long way from having the quality educational system needed to produce trained workers capable of rivaling ours. Around 15 percent of China’s population aged 25–65 has a high school degree, compared with 85 percent in the United States. One of every 20 Chinese in that age group has a college degree, compared with one in three in the U.S. In China, 700 people out of every million are R&D researchers. Here, that number is at least 6.5 times higher.

And in terms of wealth, it is interesting to note that China’s real GDP per capita is roughly 1/25th the size of ours, about the same level as what the U.S. achieved over a century ago.

Our per capita wealth has grown as we’ve moved up the value-added ladder. Generally speaking, our highest paying jobs are in services—engineers, scientists, computer systems analysts, stock brokers, professors, doctors, lawyers, dentists, CPAs, entertainers and other service providers, to say nothing of the mega-compensation paid to hedge fund managers and financial engineers.

Beginning in 1993, the average wage for private services employees surpassed base industry wages. By 1999, all nonretail services employees, even public service employees like government workers and teachers, were averaging more pay per hour than industrial workers.

The destructive side of the process of capitalism’s “creative destruction” is evident in the numbers as old professions give way to new, higher-paying ones. The number of U.S. farm laborers decreased 20 percent between 1992 and 2002. In the same 10-year time frame, employment of telephone operators decreased 45 percent. That of sewing machine operators decreased 50 percent between 1992 and 2002. This is not ancient history; this all occurred within a time frame that is fresh in the memory of everyone in this room.

Yet within that same time frame—between 1992 and 2002—the number of architects grew 44 percent, legal assistants 66 percent and financial services employees 78 percent. Today, there are nearly a million webmaster jobs, a category that didn’t even exist until the early 1990s. The creative side of creative destruction has replaced lost jobs in declining sectors with new ones in emerging sectors.

Since 1992, the goods-producing sector has seen its share of nonfarm payrolls fall by 3.9 percentage points. However, the losses have been more than offset by job gains in just three service sectors—professional and business services, health care, and leisure and hospitality.

Today, manufacturing employs one of 10 U.S. workers, about the same number as the leisure and hospitality sector. One in 20 works in construction—fewer than in financial services. Nearly the same number of people work in government as in the goods-producing sector as a whole. In the past year, the number of manufacturing jobs shrank by 1 percent. In contrast, employment grew by around 3 percent in education, health care, and leisure and hospitality and by over 5 percent in professional services.

Here is a statistic that about beats all: At the end of 2005, the U.S. auto and auto parts manufacturing industry employed about 1.1 million workers and added 0.8 percent of the value to our GDP. The legal services sector employed nearly the same number, but contributed 1.5 percent of the value added to GDP. I will resist the temptation to make a lawyer joke because this is no laughing matter to economists: The legal services industry provides as many jobs as auto manufacturers but contributes nearly twice the value-added to our economic output.

I think you get the point: The service sector, not autos and other forms of traditional manufacturing, drives our economy. And will continue doing so.

Looking forward, the Department of Commerce projects that the fastest growing jobs between now and 2014 will be among general managers, health care workers, postsecondary teachers, retail salespeople, customer service reps and other service providers. In contrast, among the jobs with the greatest projected decline will be textile plant workers, machine operators, farmers and ranchers, meter readers, computer and telephone operators, typists, couriers and, to the relief of all families who like to sit down to supper undisturbed, telemarketers and door-to-door salespeople.

The shift of jobs away from the goods and lower-value-added service sectors to higher-end services is not a new phenomenon. Indeed, it is part of a longer term trend of employment moving to sectors that produce for an increasingly wealthy country, meet the health care needs of our aging population, and provide U.S. employers with the highly trained and flexible workers they need in a broader, more accessible global economy brimming with unskilled labor.

As people get richer, they shift their spending toward relatively more services. Evidence can be found in the buying patterns of U.S. households, in the historical timeline of the U.S. economy and in nations around the world. For every dollar Americans spend on goods, we spend $1.70 on services—roughly a 60 percent mix in favor of services. In contrast, China spends 58 percent of its consumption on goods versus 42 percent on services. In even poorer India, services represent just 37 percent of spending—the reverse image of the U.S.

In 1979, I was a young member of the U.S. delegation President Carter sent to China to settle the claims left after Mao’s government seized the railroad rolling stock we had lent Chiang Kai-shek. President Nixon had normalized political relations in the early 1970s, but it fell to President Carter to normalize economic relations and finally raise the flag at the U.S. Embassy.

So that we could begin to trade with each other and get on with a normal relationship, Treasury Secretary Michael Blumenthal was dispatched to negotiate with Deng Xiaoping. I was Blumenthal’s assistant, so I accompanied him to all his meetings with the Chinese leader. I will never forget our first meeting with Deng. He was electrifying. You may remember he was a short fellow—barely 5 feet, if memory serves—but he was a giant of a man with big dreams. In our first meeting, he entered the room and cackled, “Where are these big American capitalists I am supposed to be so afraid of?”

He then laid out his vision of driving China down “the capitalist road,” a plan he did not proclaim publicly until later. Deng told us then that he would unleash the Chinese genius and focus it on development and modernization. To him, when it came to ideologies, it didn’t “matter whether it is a yellow cat or a black cat, as long as it catches mice.”

We all know the Chinese have caught economic mice in droves. Since 1979, China reports having grown at better than 9.6 percent a year, adding up to a better-than tenfold expansion of the economy to date. China’s factories produced 200 room air conditioners in 1978; today, they claim to make 79 million a year. Back in the dark old days of rigid central planning, the Chinese produced 679,000 tons of plastics; last year, they were up to 25 million tons—37 times as much. In 2003, China turned out 260 billion more square feet of cloth than it did in 1978. Today’s great building boom is occurring in China, where their government reported 38 billion square feet of floor space was under construction in 2005 for all kinds of structures, compared with 5.7 billion square feet in the United States.

As China grows—and clearly its manufacturing sector is fueling a very fast growth rate—we know its demand for services will increase even faster. This is good news for U.S. services businesses, because we are king of the global services providers, with an impressive array of sophisticated and high-quality products and services available for sale.

The size and wealth of our market and our tradition of consumer sovereignty have created the largest and most advanced service economy in the world, a fact reflected in our trade balance. We have consistently run a massive trade deficit—we have done so since the ’70s. Few, however, realize that we run a growing surplus in services trade. That surplus topped $70 billion in 2006, trimming down our overall trade deficit by over 8 percent. Perhaps more important, the positive services gap has been getting bigger.

The U.S. remains a major destination for international travelers, so it should come as no surprise that in the bookkeeping for our external account, travel is the largest private service we export. Lately, however, travel’s prominence in the statistics has been challenged by other higher-value-added services. Over the past decade, exports of travel, transportation and tourism have grown by 2.9 percent per year. By contrast, computer and information services and research and development have been growing at a double-digit pace. Similar stories abound. Our business services of accounting, auditing, management and consulting—along with insurance, finance and training—have increased mightily, thanks to technological advances that have made those services more tradable. With 16 percent of the world population plugged into the Internet and 41 percent using cell phones, many knowledge-based services can today be sold across the oceans through cyberspace at a fraction of traditional shipping costs.

America tends to export things that are high on the value-added ladder and import from lower down. In computer and information services, for example, we export $5.4 billion and import $2.2 billion. Dig deeper into the data and you will find that we largely export the services of systems architects and designers, while we import the services of basic programmers, who are the foot soldiers of the information economy. In services exports, as in manufacturing and agriculture, we are constantly moving up the value-added ladder.

We export twice as much intellectual property as we import. Our royalty and license fee income has been growing at 8 percent a year since 1992. Our exports of legal services have grown at 7 percent per year, and they now total nearly five times our imports. Exports of industrial engineering services have increased 18 percent per year since 1992, and we are now shipping out 13 times as much as we are receiving.

Our exports of film and TV rentals are 11 times greater than our imports. Of the 15 biggest-budget Hollywood movies made as of 2006, eight of them would have lost money if seen only in the U.S.—a total of $458 million in losses among them. However, when you include overseas sales, not only did all eight of them make money, but as a group they netted nearly $1.1 billion after production costs.

When I was deputy U.S. trade representative, the late, great Jack Valenti used to lobby me ferociously to negotiate the opening of foreign markets to U.S.-made films. His argument was as straight as Occam’s razor: Without the globalization of movies, studios would have had to scale back budgets, make smaller sets, use cruder animation, not-so-special effects and not-so-talented actors and actresses, and create otherwise less sophisticated and entertaining movies. Opening other countries’ markets to our movies would mean bigger and better movies for us to enjoy and more jobs created here at home. Jack was spot on. He would not have been the least bit surprised by the blockbuster revenues earned globally by Spiderman 3 over the past 10 days.

Here is the point: Be it in movies or industrial engineering design, in the service arena we are hotter than Scarlett Johansson. In high-value-added services, the United States holds a significant global competitive advantage.

The ubiquitous iPod tells the tale. Engraved on the back of my iPod are the words: “Designed by Apple in California. Assembled in China.” As we send our services out into the world, send our designs to Chinese or Vietnamese or Mexican factories—factories we played a role in designing, by the way—or educate foreigners in our universities, or build R&D centers in India or Estonia or Israel, we are planting apple seeds all over the world. As long as those seeds are allowed to germinate and sprout into economic growth, the world will demand more of our value-added services. And as long as we here at home foster good economic conditions—including well-administered monetary policy—that allow our entrepreneurs to continue creating and selling services demanded globally, we will continue to create American jobs and enhance our prosperity.

I mention “well-administered monetary policy” deliberately. Obviously, the women and men who create and build our high-end economy work best when they are undistracted by inflation or other forms of economic turbulence. They can do their job best when we do our job best by administering monetary policy that underwrites sustainable noninflationary growth.

The shift to a service economy, however, has made the conduct of monetary policy both more difficult and easier. Let me touch on the challenges it poses for monetary policymakers.

The service sector is hard to measure. Services are intangible. The data for measuring the impact of services are more squishy than the relatively straightforward accounting for output in agriculture and the manufactured goods sector. To assess services, we must rely on surveys and the good judgment of the statisticians who interpret them.

There are sophisticated techniques for conducting these surveys. Yet when it comes to services, we cannot easily discern differences between quality improvements and inflationary price increases. This is less of an issue with goods, where we can more readily identify quality changes such as improvements in durability or serviceability. For example, improvements in automobiles are measured through the introduction of seatbelts, airbags and crash-worthy bumpers; the increased durability of engine and suspension components; electronic enhancements that improve fuel efficiency; better sound systems; voice-activated navigation systems and so on.

But in services, quality improvements are less clear. If your barber raises the price of a haircut, is it because you are getting a better haircut, or is it because the shop is passing on its increasing costs, or is there some other factor at play? I’m sure you’ve seen $15 haircuts at a strip-mall barbershop, and you’ve at least heard of hundred-dollar stylings offered by salons along Wisconsin Avenue. Four-hundred-dollar haircuts have been reported—even on the heads of Democrats. Presumably, there is a quality difference between them, but we can’t measure it the way we can with a ’67 Mustang and Ford’s 2007 model, or between the computing power of an old IBM mainframe and a modern Dell laptop.

This isn’t rocket science—it’s more challenging than that. In rocket science, the objective is defined and the process involves applying established mathematics. The value of services is less quantifiable, less well defined, and requires considerable judgment to distinguish between price changes resulting from inflationary pressures versus differences in quality.

Take what I do for a living as another example. Government agencies that measure employment and economic activity classify central banking under a broad category called “financial services—other.” It is a service. We serve the public by distributing cash and coin, maintaining an efficient payments system, supervising banks and setting monetary policy—what many might consider important functions. If we perform our services well, the economy keeps on humming, creating jobs and building wealth. If we fail, or just mess up every now and then, our missteps send ripples through the economy. Cash does not arrive at banks or checks don’t clear, inflation gains momentum or employment grows at a suboptimal rate. Yet I can’t point to where our success shows up in GDP statistics. Nor can I tell you how much more or less productive I am versus my predecessors or counterparts.

Our inability to fully distinguish between quality improvements and inflation in services means that when we look at growth in nominal GDP, we can’t be entirely sure how much results from the gains in real output and how much is inflation.

That is one set of issues. And there are others. In accounting for a knowledge-based economy, for example, the very concept of investment should be broader than the traditional focus on equipment and structures. U.S. government statisticians have already expanded the definition of business investment to include software. Arguably, they should be looking at education spending—which is the very foundation of our knowledge economy—in the same way, instead of counting education costs as a consumption expense.

The point is that in our efforts to assess the speed limit and engine temperature of the economy, we have plenty of gauges on our dashboard that we can use for evaluating the manufacturing sector. Yet we are deprived of similarly reliable gauges for measuring capacity utilization and other dynamics of the service sector. We spend a terrific amount of time analyzing domestic manufacturing reports—think of the media attention given to the Philadelphia Fed’s manufacturing index or the Empire State Index or, if you are astute, the Dallas Fed’s manufacturing index for a district—forgive my Texas brag—that produces more manufactured products than the areas covered by either the Philadelphia or New York surveys. Manufacturing data is so refined that I can tell you whether the plastic we make is used for a bag, bottle, pipe, pillow or floor. Yet, as our economy becomes ever more services-oriented, relying on traditional, goods-focused indicators as predictors of economic activity or inflection points in the business cycle becomes more and more suspect. As comparative advantages are redistributed by globalization, the importance of foreign capacity measurements for manufacturing increases. And the need for a services capacity metric here at home becomes imperative. And yet we—and this is a collective “we,” encompassing the economics profession worldwide, not just the Fed—have perfected neither.

Herein lies an opportunity for enterprising analysts to rise to the challenge I’ve just presented and profit from the development of new data that can help alleviate the deficiencies in service-sector metrics. Many—including our co-host this afternoon, the Coalition of Service Industries—draw well-deserved attention to our services sector, measuring its size, growth, scope and composition to drive home the point that the U.S. economy is services driven. While we can slice and dice the data we have, we still don’t have enough of it available to help us monitor trends with the level of detail and timeliness we have for our goods-producing sectors.

I’ll conclude by calling your attention to another aspect of the growing importance of services in the U.S. economy, a subtle, behind-the-scenes contribution that services are making to the decoupling of the overall economy from the manufacturing sector.

Allow me to draw your attention to Arthur Conan Doyle’s mystery, “Silver Blaze.” In that story, a Scotland Yard inspector asks Sherlock Holmes, “Is there any point to which you would wish to draw my attention?” Holmes replies, “To the curious incident of the dog in the night-time.” Puzzled, the inspector notes, “The dog did nothing in the night-time.” “That was the curious incident,” Holmes says. The dog did not bark.

A “curious incident” happened in the U.S. economy during the 2001 downturn. Factory output fell by almost as much during that recession as in the 1981 recession 20 years earlier—7 percent in 2001 versus 8 percent in 1981. Yet, GDP declined by less than half a percentage point in the 2001 downturn versus 3 percent in 1981. The mystery is why the aggregate economy was so much less affected in 2001.

Undoubtedly, a significant part of the explanation is the sharply declining and relatively low real interest rates in the latter period, which helped sustain the construction industry. But it is also important to note the very different behavior of the goods component of GDP across the two episodes. In 1981, “total goods sector” output fell by the same amount as factory output. In 2001, it fell by only half the decline seen in manufacturing. To use the Holmes analogy, goods output “barked” loudly in 1981 in response to the collapse of manufacturing. In 2001, goods output merely whimpered.

This curious incident points to the solution to our mystery: What the Commerce Department calls “goods-sector output” in fact includes a growing retail and distribution services component that is relatively insensitive to fluctuations in factory production. This was the dog that did not bark. The merchandising services component of goods-sector output declined relatively little in 2001 and helped insulate the economy from the manufacturing collapse.

The service sector may not be as noisy or get as much analytical or political attention as the manufacturing sector, but it has a significant bite in terms of its impact on economic performance. That is the point to which I hope to have drawn your attention today. As we seek to conduct monetary policy, we will have to develop new methods for determining exactly how the service sector's bite affects the business cycle and economic behavior.

Enough said. Thank you for listening. Let’s stop there, and in the best interest of being transparent, I will do my best to mumble and stammer through responses to your questions.

About the Author

Richard W. Fisher is president and CEO of the Federal Reserve Bank of Dallas.

Note

The views expressed by the author do not necessarily reflect official positions of the Federal Reserve System.

[관련키워드]

[뉴스핌 베스트 기사]

사진
현대차 '성과급 400%+1270만원' 잠정합의 [서울=뉴스핌] 이찬우 기자 = 현대자동차 노사가 장기간 이어진 교섭과 파업 끝에 올해 임금교섭 잠정합의안을 마련했다. 노사는 피지컬 인공지능(AI)과 로보틱스 등 미래 기술 도입에 공동 대응하고, 2028년까지 기술직 500명을 신규 채용하기로 했다. 현대자동차 노사 관계자들이 지난 6월 18일 현대차 울산공장에서 2025년 임금 및 단체협상 교섭 상견례를 했다. [사진=현대차] 현대차 노사는 25일 울산공장 본관 동행룸에서 열린 16차 교섭에서 잠정합의안을 도출했다고 밝혔다. 최영일 현대차 대표이사와 이종철 전국금속노동조합 현대자동차지부장 등 노사 교섭대표가 참석했다. 상견례 이후 111일 만이다. 올해 교섭은 7월 이후 노조가 파업에 돌입하면서 장기간 진통을 겪었다. 파업에 따른 차량 생산 차질과 직원 임금 손실이 발생했고, 부품 협력사의 경영 부담도 커졌다. 노사는 추가 피해를 막고 하반기 생산과 신차 출시 일정을 정상화해야 한다는 데 공감해 잠정합의에 이르렀다. 파업 여파를 조속히 수습하고 대내외 불확실성에 대응하는 데도 힘을 모으기로 했다. 이번 합의에는 임금과 근로조건뿐 아니라 미래 산업 전환에 관한 내용도 포함됐다. 노사는 피지컬 AI와 로보틱스 등 미래 기술 도입이 기업 경쟁력 확보에 필요하다는 데 뜻을 같이했다. 이에 따라 회사는 신사업과 신기술 추진 경과를 노조와 투명하게 공유하고, 노사는 미래 산업 전환 과정에 공동 대응하기로 했다. 변화 대응력과 생산성, 제조 경쟁력 향상을 위한 제도 개선 방안도 논의한다. 기술직 신규 채용도 진행한다. 노사는 2027년 하반기 핵심 직무를 중심으로 기술직 200명을 채용하고, 2028년에는 300명을 추가로 뽑기로 했다. 현대차는 국내 공장 재편에 따라 기존 1공장과 42라인 재건축을 추진하고 있다. 이에 따른 대규모 인력 배치 전환이 예정돼 있지만, 노사는 고용 창출이라는 사회적 책임을 고려해 신규 채용에 합의했다. 임금과 성과급은 기본급 10만원 인상과 경영성과금 400%+1270만원, 현대차 주식 15주, 해시포인트 50만원 지급 등으로 구성됐다. 기본급 인상분에는 호봉승급분이 포함됐다. 현대차 관계자는 "장기간의 교섭 진통과 파업으로 주주와 고객, 부품 협력사 등 이해관계자들에게 심려를 끼쳐 송구하다"며 "하반기 생산과 신차 출시에 총력을 다해 고객 성원에 보답하겠다"고 말했다. chanw@newspim.com 2026-08-25 08:07
사진
자본 희소성 쇼크 몰려온다 *자금 풍요의 시대가 저물고 자금쟁탈의 시대가 도래했다. 글로벌 금융시장에 자금을 공급하던 주체들의 돈줄기는 저마다의 사정으로 가늘어지고 있다. 그 반대편에선 천문학적 부채를 안고 있는 주요국 정부들의 재정 차입 수요와 인공지능(AI) 기술혁명의 물결에 올라타려는 기업들의 투자 붐으로, 민·관의 자금조달이 봇물을 이룬다. 인플레이션 유령을 떨치지 못한 중앙은행들은 참전을 꺼리고 있다. 다음 ①~⑤편에서는 '과잉저축 시대'의 종언과 '대(大)차입 시대로 전환'을 불러온 동인과 이것이 자산시장에 갖는 함의를 짚어본다. ⑥~⑨편은 미래 매출과 수익을 담보로 자금조달 각축전을 벌이는 AI업계의 최근 동향과 이들의 부채 폭식이 초래할 금융 측면의 위험, 그 위험 너머의 기회를 살피기로 한다. [서울=뉴스핌] 황숙혜 기자 = 저축 과잉(Saving Glut)의 시대가 막을 내리고 자본 희소성(Capital Scarcity)의 시대가 본격화됐다. 골드만 삭스를 포함한 월가의 공룡 투자은행(IB)은 기업부터 정부까지 자금 수요가 폭증하는 반면 돈줄이 말라 들어가면서 기간 프리미엄의 구조적 상승과 채권 자경단의 빈번한 출몰이 뉴 노멀로 자리잡기 시작했다는 데 한 목소리를 낸다. 중국의 과잉 저축과 IT 대기업의 자금력, 여기에 일본의 초저금리가 미국 정부의 국채 발행 물량을 흡수하면서 금리를 누르고 자산시장의 버블을 부추겼던 패턴이 깨졌다는 얘기다. 무위험 자산으로 통했던 미국 국채의 리스크 프리미엄이 상승하면서 자본 효율성이 낮은 기업이나 부채 규모가 큰 정부가 시장의 냉정한 심판에 직면하게 됐고, 저금리를 지렛대 삼은 자산 버블을 뒤로 하고 높은 레벨의 자본 비용을 전제로 한 새로운 투자 방정식이 자리잡고 있다는 데 월가 구루는 공감대를 형성한다. 골드만 삭스는 최근 보고서에서 인공지능(AI) 레버리지 청산과 미 국채 금리 급등, 호르무즈 해협 분쟁 등 2026년 여름 글로벌 금융시장을 흔든 세 가지 변수가 일회성 악재로 보기 힘들다고 주장했다. 지난 20여년간 지속된 과잉 저축 시대가 끝나고 자본 희소성의 시대가 열렸다는 사실을 알려주는 경고음이라는 얘기다. AI 레버리지 투자로 고수익률을 올렸던 헤지펀드가 7월 반도체 지수 폭락으로 160억달러 규모의 포지션을 시타델(Citadel)에 전량 매각한 사실이나 미국 연방준비제도(Fed)의 6차례 금리 인하에도 30년물 국채 수익률이 5.27%까지 뛴 점, 그리고 미국-이란 갈등으로 국제 유가가 급등락을 반복하는 가운데 미국 전략석유비축(SPR) 규모가 40년래 최저 수준으로 떨어진 것은 20년간 저금리를 떠받쳤던 대전제가 무너진 데 따른 결과라는 얘기다. 저축 과잉 시대 종료와 자본 희소성 시대 개막 [AI 일러스트=황숙혜 기자] 해외 중앙은행의 미국 국채 보유 비중이 34% 선에서 24% 아래로 떨어진 것은 자금 공급의 축소를 의미하고, 연간 8000억달러 이상 AI 인프라 구축과 리쇼어링, 각국 방위비 증액, 여기에 국채 만기 도래에 따른 차환 수요까지 자금 수요는 폭발적이다. 자금시장의 수급 불균형으로 인해 자본의 가격에 해당하는 실질 금리, 즉 기간 프리미엄이 구조적인 상승세로 고착화될 수밖에 없는 실정이라고 골드만 삭스는 경고한다. 뿐만 아니라 주식시장과 국채시장, 원유시장의 유동성이 동시에 막히는 이른바 '유동성 트리플 킬(Liquidity Triple-Kill)로 인해 변동성 상승이 일상화되는 '고변동성 사이클(High Volatility Cycle)에 진입했다고 보고서는 판단한다. 골드만 삭스가 제시한 '유동성 트리플 킬'은 주식과 채권, 원유를 포함한 실물 자산 시장의 유동성이 한 시점에 동시에 막히면서 서로 악순환을 일으키는 유동성 경색을 의미한다. 실제로 높은 레버리지를 일으켜 AI 테마에 베팅했던 헤지펀드가 지수 폭락으로 담보 부족에 시달리게 되자 무차별 매도를 강행, 주가 하락과 강제 청산, 추가 급락의 악순환을 일으켰다. 채권시장에서는 미국 정부가 연간 1조달러를 웃도는 이자 비용과 재정 적자를 메우기 위해 매달 천문학적인 규모의 국채를 발행하지만 해외 중앙은행과 연기금의 매수는 위축되는 실정이다. 미 재무부가 시장에서 막대한 현금을 흡수하면서 빅테크를 포함한 기업들 자금줄이 바닥을 드러냈고, 장기물을 중심으로 금리 역주행이 벌어졌다. 설상가상, 호르무즈 해협 차단으로 유가 폭등과 인플레이션을 막아주던 미국 전략비축유가 40년래 최저치로 떨어지면서 유가 변동성을 완충해 줄 실물 유동성 버퍼도 거의 소멸했다. 골드만 삭스는 미국 10년 만기 국채 수익률이 4% 아래로 복귀할 수 있을지 여부는 연준의 손을 벗어난 문제라고 주장한다. 원유시장만 보더라도 호르무즈 해협 리스크 프리미엄이 일회성 충격에서 지속적인 할인 요인으로 전환했고, 원유 변동성지수(OVX)와 뉴욕증시의 공포지수(VIX) 간의 거대한 격차가 단기간에 줄어들기 어렵다는 얘기다. 2026년 여름을 기점으로 금융시장이 마침내 자본 희소성이라는 새로운 패러다임에 프리미엄을 지불하기 시작했고, AI 레버리지 청산과 미 국채 금리 급등, 호르무즈 분쟁이라는 세 가지 힘은 거대한 서사의 세 가지 단면일 뿐 이면에 깔린 구조적 동인들은 이제 본색을 드러내기 시작했다고 골드만 삭스는 강조한다. 미국 30년물 국채 수익률 [자료=블룸버그] 저금리와 저물가, 풍부한 유동성이라는 과거의 공식이 더 이상 작동하지 않고, 장기 국채를 중심으로 고금리 고착화와 자본 조달 비용 상승으로 인한 기업 양극화, 채권 자경단의 지배력 강화, 자산시장 변동성의 일상화가 새로운 메커니즘으로 등장했다는 것. 월가의 황제로 통하는 제이미 다이먼 JP 모간 최고경영자(CEO)의 경고도 같은 맥락이다. 그는 지난 5월 블룸버그TV와 인터뷰에서 월가가 과잉 저축의 시대를 뒤로 하고 자본 희소성의 시대로 진입하고 있다고 말했다. 미국 10년 만기 국채 수익률 [자료=블룸버그] 저축 부족과 대출 수요 폭발로 시장 금리가 예상보다 훨씬 더 높은 수준까지 오를 수 있다는 것. 그는 미국을 비롯한 주요국 정부의 브레이크 없는 국채 발행과 이자 부담, 공급망 재편과 친환경 전환에 들어가는 거대한 인프라 자금, AI 및 국방비 지출 급증 등 세 가지를 '자금 폭식'의 주요인으로 꼽았다. 미국 30년물 국채 수익률이 5.27%까지 오르며 2007년 이후 19년만에 최고치를 기록했고, 2년물 수익률도 상승 흐름을 지속, 시장이 정부의 재정 적자와 인플레이션 리스크를 적극 반영하는 가운데 다이먼은 기업 신용 시장에 닥칠 '이중 고통'을 경고했다. 국채시장 뿐 아니라 회사채와 신용시장도 충격을 피하기 어렵다는 것. 국채 금리 상승으로 인해 모든 회사채의 이자율 벤치마크가 올랐고, 기업 부도 위험 재평가로 스프레드가 벌어질 수밖에 없다는 얘기다. 막대한 부채를 짊어진 기업들이 만기 연장에 나서면서 과거보다 높은 이자 비용을 감당해야 하기 때문에 기업 신용 리스크가 본격적으로 누적, 차환 대란이 터질 수도 있다고 그는 말한다. 이 밖에 월가의 여러 전문가들도 흡사한 의견을 제시했다. 씨티그룹의 매크로 전략가 짐 맥코믹은 보고서에서 "인플레이션 우려가 확산되면서 채권 트레이더들이 30년물 수익률의 핵심 목표치로 5.5%를 겨냥하고 있다"고 주장했다. TS 롬바드의 스티븐 블리츠 수석 미국 이코노미스트는 보고서에서 "미국 10년물 수익률이 6%까지 치솟을 수 있다"며 "국채 장기 약세장이 이제 시작"이라고 경고했다. 재정 적자와 인플레이션, 그리고 차환 압박이 누적되는 가운데 고금리 장기화(higher for longer)가 고착되면서 채권과 신용시장이 앞으로 보다 가혹한 시험대를 직면하게 될 가능성에 월가는 무게를 둔다. 시장 전문가들은 저금리와 풍부한 유동성이 종료되고 자본 희소성과 고금리가 정착되는 새로운 국면에서는 과거처럼 연준의 금리 인하만 바라보고 주가 밸류에이션이 상승하기는 어렵다고 말한다. AI 레버리지 청산에서 보듯 악재가 터지거나 유동성 경색이 발생할 때 시장을 받쳐줄 '무제한 자금'이 실종됐고, 증시 전반의 변동성 상승과 재무 건전성에 따른 기업들의 극단적 양극화가 벌어질 수 있다는 관측이다. 기대와 소문에 기대 오르는 주식보다 잉여현금흐름(FCF)과 실적이 우량한 종목으로 투자 영역을 좁히고, 인컴 및 현금성 자산의 비중을 늘리는 전략이 필요하다는 조언이다. shhwang@newspim.com 2026-08-25 09:15
기사 번역
결과물 출력을 준비하고 있어요.
종목 추적기

S&P 500 기업 중 기사 내용이 영향을 줄 종목 추적

결과물 출력을 준비하고 있어요.

긍정 영향 종목

  • Lockheed Martin Corp. Industrials
    우크라이나 안보 지원 강화 기대감으로 방산 수요 증가 직접적. 미·러 긴장 완화 불확실성 속에서도 방위산업 매출 안정성 강화 예상됨.

부정 영향 종목

  • Caterpillar Inc. Industrials
    우크라이나 전쟁 장기화 시 건설 및 중장비 수요 불확실성 직접적. 글로벌 인프라 투자 지연으로 매출 성장 둔화 가능성 있음.
이 내용에 포함된 데이터와 의견은 뉴스핌 AI가 분석한 결과입니다. 정보 제공 목적으로만 작성되었으며, 특정 종목 매매를 권유하지 않습니다. 투자 판단 및 결과에 대한 책임은 투자자 본인에게 있습니다. 주식 투자는 원금 손실 가능성이 있으므로, 투자 전 충분한 조사와 전문가 상담을 권장합니다.
안다쇼핑
Top으로 이동