However, we should probably be mindful of the risk that the increase in households’ real purchasing power and the improvement in corporate profits, both brought about by lower crude oil prices, will not lead to an expansion of spending by as much as expected, and consequently pressure for excess savings – or for an increase in current account surplus – will not be alleviated easily.
BIS central bankers’ speeches  3  With regard to the employment and income situation, which forms the basis for the virtuous cycle that I just mentioned, wages continue to rise moderately in a situation where labor market conditions have become increasingly tight, even after the year-on-year growth in total cash earnings was revised downward due to the replacement of samples in the Monthly Labour Survey (Chart 8).