Ample spare capacity, low levels of profitability, high and rising unemployment, anaemic growth in labour income and ongoing housing market corrections will moderate any uptick in private demand.

• 大量的闲置产能、盈利能力偏低、居高不下且还在上升的失业率、劳动收入增长疲软、住房市场持续回调，这些因素将延缓私人需求的回升步伐。