Improvement in the employment and income situation and private consumption Let me start with the employment and income situation and developments in private consumption. In this regard, one more and more often hears about shortages of workers in various industries including food services and construction. As this example illustrates, the labor market has been steadily tightening.
Let me make this clearer with some examples. Some households may have revised down their expectations for income growth and may also be more uncertain about their incomes. This would be consistent with the substantial decline in wage growth and the rise in the unemployment rate over the past few years.