The situation in the United States is even more stark. In 2010, the services sector accounted for nearly 85% of jobs. 2 / 16  BIS central bankers' speeches  And, third, over the past 40 years we have seen a significant increase in the consumption of services by households.5 You can see this on my next slide.
Services in the euro area today account for more than 50% of final consumption, compared with less than 40% in 1980. In the United States, households today spend nearly 70% of their consumption expenditure on services, and in Japan, this figure is 60%.