Euro zone consumption resilient, labor market strong: ECB

FRANKFURT (Reuters) – Consumption in the euro zone appears to be resilient to a recent slowdown and the labor market is also expected to continue expanding, suggesting that growth remains broad-based, the European Central Bank said in a regular economic bulletin.

“Short-term indicators point to continued strength in the labor market in the coming quarters,” the ECB said in its assessment, which is broadly consistent with its statement after its October policy meeting. “Private consumption is expected to display resilient growth in the coming quarters.”

At its last meeting on Oct 25, the ECB reaffirmed its plans to wind down bond purchases, also known as quantitative easing, by the close of the year and to keep rates at a record low at least through next summer.

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