Industrial production is basically level in response to these developments in final demand. As for the employment situation, new job offers are on a gradual rising trend. In addition, the number of employees, which covers various types of employees including non-regular employees such as temporary workers, appears to be declining at a slower pace.
In the aftermath of the recession in the United States, private aggregate demand, both here as well as in Europe and Japan, has strengthened only gradually. This slow rebound has meant that many central banks around the world have held real interest rates low to support real activity and keep inflation stable.