This is due chiefly to the positive situation on the labour market and income trends in Germany, which are also being favoured by the very accommodative monetary policy: households’ disposable income went up by 2.8% in 2016 and by as much as 3.6% in the first half of 2017. The number of people in employment is at an all-time high.
The unemployment rate has fallen to its lowest level since 1991; the seasonally adjusted unemployment rate stood at 5.6% in October. In some industries and regions, enterprises are finding it increasingly difficult to fill vacancies.