But before I get to that, allow me first to provide an overview of the current economic situation in the euro area. The euro area economy and the appropriateness of the ECB’s monetary policy stance Broadly in line with our expectations, the euro area economy continues to grow, though still with modest momentum. The domestic economy remains relatively resilient.
Private consumption, for instance, increased by 0.5% in the third quarter of 2019 on the back of further improvements in labour market conditions. The unemployment rate stands at 7.4%, its lowest since July 2008. The number of people employed keeps increasing and has increased by more than 11 million since mid-2013. The more domestically-oriented services and construction sectors also continue to hold up well.