In addition, consumer spending has continued to post moderate gains, supported by solid growth in real disposable income, upbeat consumer confidence, low borrowing rates, and the ongoing effects of earlier increases in household wealth. By contrast, business investment has remained relatively soft, in part because of the drag on outlays for drilling and mining structures that has resulted from earlier declines in oil prices.
I am also particularly delighted that, for the first time in the history of the Cultural Days, the City of Frankfurt has made it possible for us to hold an event at the Frankfurter Paulskirche and so, on 30 October, the brass and string ensemble of the Royal Concertgebouw Orchestra will perform at this prestigious and venerable venue.