[13] While demographics constitute a powerful inter-generational influence on aggregate savings, the intragenerational distribution of income also matters. Chart 13 shows that the share of national income earned by households in the top 1 percent income bracket has increased considerably since the 1980s, both in the euro area and, even more strongly, in the United States.
Activity in important parts of the industry – including in house building and commercial construction – remains subdued, as does the immediate outlook, and this has led to a fair amount of job shedding. The second industry is public administration, where employment has fallen by 50,000 over the past year, with governments cutting back due to budgetary pressures.