Euro area private consumption likely to remain on strong footing in H2 2017

Private consumption in the euro area is expected to stay on a strong footing in the second half of 2017, underpinned by strong performance by the labor market, noted Barclays in a research report. The labor market conditions are believed to be stronger than the modest decline in the jobless rate unfolded so far would suggest.

Since the jobless rate reached its all-time highs of 13 percent in November 2014, it has dropped by slightly less than 2 percentage point, easing to 11.3 percent in July 2017. The correction looks modest when compared to peers. For instance, in Spain, since the unemployment rate peaked at 26.3 percent in July 2013, the jobless rate dropped 9.2 percentage points to 17.1 percent in July.

At 21:00 GMT the FxWirePro's Hourly Strength Index of Euro was neutral at 32.487, while the FxWirePro's Hourly Strength Index of US Dollar was neutral at -36.9589. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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