The degree of any strength in business capital and household spending, however, is still uncertain.

Weakness in household spending is a concern because consumption makes up more than half the economy.

"Household spending has been increasing at only a modest pace in recent months."

But what does that mean for our household spending?

"Household spending has continued to grow at a solid pace," the central bank said.

Household spending has increased at a somewhat faster pace in recent months.

"Steady public works investment and household spending are seen as a bright factor," it said.

By contrast, household spending, while slower, has continued to rise this year.

Most significant, the shortage of living space restricts household spending.

At the same time, household spending fell 4.4 percent in December from the month a year ago, the third consecutive slide.