In September, the consumer confidence for the Euro Area (EA) decreased and the economic sentiment indicator slightly increased. In the last month, the raw materials and oil prices presented monthly change rates of -0.6% and 1.6%, respectively (-1.2% and 0.7% in August).
In Portugal, the economic activity indicator, available for August, and the economic climate indicator, already available for September, stabilized. The quantitative indicator of private consumption increased more intensely in August, after decelerating between May and July, reflecting the more intense growth of both components, durable and non-durable consumption. In the same month, the Gross Fixed Capital Formation (GFCF) indicator decreased, due to the reduction of the transport material investment. Concerning the international trade of goods, exports and imports recorded year on-year nominal change rates of -0.8% and 0.1% in August, respectively (-2.3% and -3.9% in July). The industry turnover index registered a less negative change rate in nominal terms in August, with the industrial production index presenting a positive change rate and the respective price index decreasing less intensely. The services turnover index registered a positive change in nominal terms in August while the construction and public works production index showed a less pronounced reduction in the last month.
According to the provisional monthly estimates of Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years old) was 11.0% in August (0.1 percentage points above the definitive rate observed in the previous month, but 0.2 and 1.3 percentage points below the rates observed three months and one year earlier, respectively). The estimate for the employed population (15 to 74 years old), seasonally adjusted, decreased by 0.1% comparing with the previous month and increased by 1.8% comparing with August 2015.
The year-on-year change rate of the Consumer Price Index (CPI) was 0.6% in September (0.7% in August), with a change rate of 0.1% in the goods component (0.3% in the previous month) and 1.4% in the services component (1.3% in the two previous months).