Strong economic data, both for the eurozone as a whole and for some individual member states has recently weakened slightly. Retail sales for the region fell in November after a strong rise in October. Nonetheless, at 2.3% YoY in real terms, consumption growth still looks solid. In December consumer confidence rose to its highest level since 2007. The unemployment rate stalled at 9.8% in November. In Germany factory orders took a step back in November after surging higher in October. Industrial production however accelerated year on year and exports rose strongly. French consumer spending was stronger than expected in November. Although its course has been erratic, consumption has been on a positive trend for almost two years now.