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September 2016

US consumer confidence improved

Published: Tuesday 27 September 2016

With a data light day today, the US has been the main focus since the first presidential debate. US consumer confidence improved for the second consecutive month in September. It was expected to decrease to 99.8 but continued to increase reaching 104.1. This is the highest level in more than nine years, the strongest monthly reading since 2007 as low oil prices and the continued improvement in the labour market bolstered sentiment among American consumers. Chief US economist at MFR, Joshua Shapiro said “A more positive view of the labour market drove the gain, which suggests that the September jobs report is likely to be a solid one."
 
Oil prices continue to be volatile this week; crude has fallen by 2.1%. Tomorrow OPEC members are expected to meet to discuss reducing production levels in order to stabilize oil prices and as expected more volatility with follow ahead of the meeting. 


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