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mpc: 7 In the euro area, the retail sales and trade data had pointed to slightly slower growth in 2005 Q4 than thought a month or two ago. However, this slight reassessment of the likely outturn for Q4 did not alter the picture of a steady recovery in growth, with the services Purchasing Managers Index (PMI) and the European Commission industrial confidence balance both strengthening. A key question remained whether consumption growth would pick up further. But with signs that firms were expecting to employ more labour and household borrowing strong, the outlook seemed fairly positive.