Moreover, Eurostat’s Economic Sentiment Indicator is around its highest level for 17 years. While risks to growth can be assessed as being broadly balanced, the international trade environment may have added to the downside. This is also reflected in financial conditions, which have recently tightened while remaining very supportive. The ongoing expansion has led to strong employment gains.
The number of people employed in the euro area has increased by almost 7.8 million since the trough in mid-2013. This implies that all of the job losses recorded during the crisis have been recovered. The unemployment rate is at its lowest level since December 2008, despite an increase in the labour force of more than 2%.