Schroders' Brookes: Oil price slump will create a million new US jobs

Marcus Brookes, head of multi-manager at Schroders, has become more bullish on US stocks, as he expects falling oil prices to boost the jobs market still further.

Speaking at the FundCalibre investment dinner, Brookes (pictured) said the tumbling oil price could create as many as a million new jobs in consumer-related areas in the US, even as the shale industry suffers. "Although 100,000 jobs may be lost in the shale industry, increased consumption will create a million new jobs," Brookes said. "We have become more bullish on the US economy as the oil price has come down." The oil price has tumbled from $107 per barrel in June to its current level below $50 per barrel. Lower costs are expected to lead to increased consumption, which in turn ...