DAVY VIEW

In keeping with exchequer returns for July and August, employee payrolls data for July point to the continued strength of Ireland’s labour market. We estimate annual growth remained at 2.4% in the three months to July, and note the importance of jobs growth among older workers in this outcome. The ageing population and later retirement are likely helping to keep Ireland’s labour market in a stronger position than the multi-year decline in new job postings data would suggest.