Dear Reader,

Today's overview of economic news and market action

• Cautious tone to investor sentiment yesterday
• Main equity indices mostly in side-ways mode
• Bond yields were generally higher
• Currency-wise, majors remained confined to narrow ranges
• Euro and sterling edged higher versus dollar
• EUR/USD opens in the upper half of $1.08-1.09
• Today’s diary includes EZ money supply, US durable goods and confidence

Ireland’s labour market was exceptionally strong at the end of 2023

The headline statistics show employment continued to grow at a robust pace, up 3.4% in the year to Q4 2023, and the seasonally adjusted unemployment rate remains close to historic lows at 4.5%. Over 2.7 million people are now at work in Ireland, helped by an upward revision to the labour force from Census 2022, which bumped up labour force and employment levels.

Ireland’s Jobs Market in Good Shape 

Ireland’s latest labour force survey (LFS) paints a rosey picture of the economy at the end of 2023. Job creation continued to be broad-based, with annual growth in the majority of sectors, led by Education (+12%), Agriculture (+9%), Other Activities (+8%) and Accommodation and Food (+7%). 

ECB on hold for third straight meeting

The first policy setting meeting of the ECB’s Governing Council for 2024 saw the Central Bank maintain its key deposit rate at 4%.