These developments broadly confirm the pattern observed earlier in industrial confidence, which was on a declining trend in the second half of 1998. The latest data on industrial confidence in the euro area, i.e. those released by the European Commission today, indicate that industrial confidence has weakened further. Some recent wage developments in the euro area might have contributed to that.
The level of unemployment has remained more or less unchanged over the past four months. Finally, consumer confidence in the euro area has remained unchanged from the high levels seen at the beginning of the year.