Gains in payroll employment in recent months have been smaller than their average of the past couple of years, and initial claims for unemployment insurance have edged up. These developments are consistent with the softening in the pace of overall economic activity that seems to be under way.
Time is critical for all parties and help from international finance institutions including from vehicles such as EFSE is needed more than ever to: mitigate the impact of the crisis in the region, resolve the prevailing credit crunch and, more importantly, to secure the stability of the financial sector.