Dr. Martin O'Brien:

I would come back to the Deputy’s reflection that every country's unemployment rate is relatively low right now. That is certainly the case. However, it is important, instead of just looking at the unemployment rate, to look at employment growth itself, that is, how many new jobs are being created in net terms and the intensity of that employment. Dr. Kelly mentioned the fact that while there are certainly a lot more people at work, on average, people are not working as much in terms of, for example, the number of hours per week. It is important for us to understand the relative role of the number of hours people are working and whether that is a choice on the employees’ part or driven by the demand from the employer. As we see the easing of the tightness in the labour market, that relative balance between whether it is a person's choice not to work so many hours or something they are arranging with their employer is going to be the key change point as to when we could see a less beneficial appetite for employment. Obviously, that impacts people's incomes and their ability to spend. If some of these global risks were to materialise, that is the cohort of people who would start to feel it because, instead of not working so many hours, they could be more likely to transition out of the labour force entirely. That is certainly something we will keep monitoring over time, in particular the overall growth in employment and the intensity of that employment.