USA

Employers are being shown very optimistic

The inflation increased in August for the second consecutive month (1.9 % vs 1.7 %), boosted for the started from energy; specifically, for the recovery in the price of the petrol derived from the close of refineries after the path of the hurricane Harvey (+10 % year-on-year). Furthermore, the underlying one (excludes foodstuffs and energy) remained stable in the 1.7 % for the fourth consecutive month and it follows without showing relevant bullish pressures. In any case, the impact of the hurricanes will go on distorting prices in next few months (will drive some temporarily), which is why it will be necessary to expect by the end of the year in order to be able to consider properly the moment through which goes through the inflation, adding uncertainty on the next steps of the Fed.

Between the rest of latest indicators, only to emphasise the strength of the business confidence in the small business in August (115.3 vs 115.2, around maximum pre-crisis), a new maximum in the number of vacancies of employment in July and the rise of the fiscal deficit in August (+8.3 % year-on-year).

Source: Bankia Studies