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

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 ...