Feelgood factor should be tempered with caution

Economists often struggle to isolate the factors that are driving an economy up or down.

Historic data is a cornerstone of any economic analysis, so having your finger on the pulse of what is happening in real time can be a challenge.

I say this because there is — dare we say it — a feelgood factor taking hold within the Irish economy. That sounds bonkers in an environment that was so recently defined by high emigration flows, job losses, fears about the economy’s existence and widespread social unrest.