The overall active job openings-to-applicants ratio has been at its highest level since 1974, while the ratio for full-time workers specifically was the highest recorded since that survey began, in November 2004 (Chart 5). Against this backdrop, labor-saving investment has increased in a wide range of industries with a view to, for example, using artificial intelligence (AI), robotic process automation (RPA), and other means.
Risks to projected HICP inflation rates in the coming years are seen to be still broadly balanced, with upside risks in the near term mainly stemming from higher than expected oil prices and indirect tax increases. However, downside risks continue to exist owing to weaker than expected developments in economic activity. The monetary analysis indicates that the underlying pace of monetary expansion remains subdued.