Jobs without Growth?
This post was written by Philip Lane
The concept of a “jobless recovery” is well understood, by which employment growth lags output growth. Today’s ESRI QEC argues that the opposite pattern is currently evident in the Irish data, highlighting the adverse impact of the patent cliff on measured GDP and arguing that the underlying employment data tells a more positive story. See, in particular, this note by John Fitzgerald.
Yesterday’s presentation by the Department of Finance also provides a lot of interesting detail on the macro outlook – here.