Danmarks Nationalbank projects growth at just over 1½ per cent in 2014 and 2015. That is higher than the average growth rate expected for the euro area, but in line with the outlook for Germany. Over the last year, households have begun to take a more optimistic view of the housing market, and more people now expect prices to rise.
And groups such as some racial and ethnic minorities that still have higher unemployment and lower participation rates could see increasing benefits from a tight labor market.2 In short, there is a lot to like about low unemployment. Achieving our statutory goal of maximum employment in a context of price stability and financial stability is both our responsibility and our challenge.