Strong jobs growth shows recovery remains on track
The most important indicator on the state of the Irish economy was published last week. The quarterly national employment survey provides a massive amount of information about various aspects of the labour market.
It is made relatively more important by the fact that Irish GDP numbers are becoming increasingly unreliable as an indicator of activity (the way in which aspects of globalisation distort the GDP data is becoming more marked all the time).
Last Tuesday's jobs data for the July-September quarter brought yet more good news. Annually, the rate of employment growth in the third quarter of the year was a strong 3pc. Though that is around half the recent rates of GDP growth, it almost certainly better reflects conditions on the ground across the economy.