On the household side, labour markets are stabilising, with employment levels remaining stable in the first and the second quarters of 2010, while hours worked increased by 0.2%, quarter on quarter, in both these quarters. The effect of the crisis on hours worked was far stronger than that on the number of persons employed.
Therefore, the upturn has also been stronger in terms of the hours worked. Moreover, the unemployment rate has stabilised in the last few months and stood at 10.0% in the third quarter of 2010. Overall, the stabilisation in the labour markets is creating good prospects for household income and, thereby, also for private consumption.