Recent data from the CSO gives the Irish population at 5.5 million in April 2024 up by 41% since 2001. This is a very rapid rate of population growth. By contrast EU population grew by 5% in the same period. Migration is the key factor and has provided 54% of the total increase. As is to be expected migration likely also accounts for a high proportion of the increase in jobs. In the year to April 2024 net migration of over 25 year olds, presumably mostly coming to work, was the same as the total increase in employment - 50,000. Over the time since 2001 this age cohort of migrants was equal to about 54% of the increase in employment and suggests about half of employment growth is accounted for by migrants.

Year to year inflation in the US remained unchanged at 2.7% in July. As an increase had been expected this results was welcomed by the markets. It was not enough to prompt the Fed to reduce interest rates but poor job creation figures, which followed, increase the likelihood of one at the next meeting. Meanwhile in the EU inflation also remained constant but at the reduced level of 2.0% and in Ireland, likewise, the Harmonised rate remained at 1.6%. However, that includes a fairly brisk increase in food prices which makes the inflation situation difficult for the average consumer (even if the overall is moderated by falling energy prices)..

After a rapid increase in output and exports in the first quarter, caused by the stampede to get product into the US before the Trump tariffs, there was a sharp drop in activity in April. In May, however, things seem to have picked up. The indicators seem to suggest that second quarter GDP, when the data are available, will not show much of a decline compared to the first quarter surge.