The market is not a single person This point was very nicely made by Hyun Shin in his remarks at the Federal Reserve Bank of Kansas City’s symposium at Jackson Hole last summer. Shin wrote: The “market” is not a person.
This is also benefiting the labour market in many euro-area countries; in 2016 the unemployment rate for the euro area as a whole declined by almost 1 percentage point to 9.6%. That means it is now just a little less than 1 percentage point above its average in the pre-crisis years. Latest economic indicators also point to a continuation of the economic recovery.