It increased a bit around the end of the mining investment boom. More recently, though, it has fallen for those who have been unemployed for more  than one year but less than two. However, the share of the labour force who have been unemployed for two years or more has not declined in the same way.
For some in the market, the “great risk normalisation” is the overarching theme for trades and strategies this year. And broadly speaking, I think this trend is intact, in particular when taking into account the following facts, while financial fragmentation in Europe still remains a fundamental concern: •  There has been a marked reduction of spreads and yields of stressed countries’ sovereign bonds.