The Governing Council needs, in any case, to make an overall assessment of the risks to price stability using all available information, including that derived from the analysis under the first pillar, but also taking into account forecasts produced by other institutions, financial market expectations, as well as other important information not incorporated in the forecast.
Continued labour  BIS central bankers’ speeches  3  shedding is expected to weigh on consumer spending going forward, while the lower growth trajectory, in turn, does not bode well for employment creation. Other indicators pointing to a slowdown in economic growth, include the weaker growth and/or in some instances a decline in retail sales, vehicle sales and house prices.