Should we be worried about the economy overheating?

So what are the key signs we should look at?

Meanwhile, CSO data out this week showed a small 0.2 per cent monthly fall off in total job numbers in May, though they remain a healthy 2.7 per cent ahead of the same month last year and near a record high of over 2.4 million. And we are all familiar with the stories of domestic businesses desperately searching for staff.

A third area to look at is asset prices. House price growth has eased significantly – partly due to higher interest rates. ESRI researchers had previously calculated that house prices had drifted above the level which would be justified by economic activity – by around 7 per cent at the end of 2021 – though to nothing like the extent we saw in 2008.

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