In this context, how the labor-management wage negotiations in spring 2017 will develop warrants particular attention. B. Private Consumption I will now discuss developments in private consumption, which has been resilient against the background of steady improvement in the employment and income situation.
The Consumption Activity Index (CAI) had continued to be somewhat weak in part since the beginning of 2016, against the background of the negative wealth effects brought about by the decline in stock prices and of irregular weather; however, the CAI has picked up recently.