European Economics

European Chart Book

8 November, 2017

Consumer sector in good shape heading into Q4

The monthly data suggest that consumer spending was behind the slowdown in quarterly euro-zone GDP growth in Q3. But September’s rise in retail sales provided a strong starting point for Q4. And the improving labour market should support spending. Indeed, in September the unemployment rate fell to an eight-year low of 8.9%. Moreover, high consumer confidence suggests that spending growth will accelerate in the months ahead. While we expect higher inflation to cause consumer spending growth to slow

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