Looking at developments in private consumption since April 2014, despite the decline I just mentioned, many firms have indicated that the degree of the decline has been broadly in line with expectations. In terms of sentiment, the consumer confidence index, which had been relatively weak for some time, has improved for two consecutive months.
Yet a wide range of indicators should continue to be monitored closely, as the adjustments in some aspects of housing starts and of automobile sales may be somewhat prolonged, and a decline in real wages could gradually affect consumption as a whole.