The latest quarterly national household survey also showed a clear deceleration in employment growth from around 12 per cent previously to around 9 per cent.

At the same time the rate of growth in the labour supply has halved from around 5 per cent growth to just 2.5 per cent. This is a key indicator and according to Mr Jim O'Leary, chief economist at Davy Stockbrokers, it means that growth in the economy this year may no be much more than 7 per cent.

Whether this growth level can be achieved is also questionable - especially given yesterday's confirmation of foot and mouth disease in Louth.

Mr O'Leary said current growth forecasts assume 10 per cent growth in tourism receipts but if that becomes only a 10 per cent decline it would shave half a percentage point of GDP this year.

The rate of decline in the Live Register has slowed down appreciably since the end of last year. This was almost inevitable as unemployment hit record lows. Nevertheless, only 1,500 signed off the register in the three month from November compared with an average of almost 3,000 a month at the beginning of 2000. Last month the Live Register declined by just 300 on a seasonally adjusted basis.

There are other macro indications of a slowdown. Tax receipts are still strong but are not booming. The increase in tax receipts from December to February was 7 per cent, in the three months from September to November, the corresponding growth rate was almost 20 per cent.

Retail sales were also weak in December, recording the sharpest one month fall since the economic boom began. However, it is difficult to read too much into just one month's figures and this was the first month of a slowdown.

Banks also appear to be tightening up on their lending criteria and credit is not as easy to acquire as it has been, while an IBEC/ESRI industrial survey points to a downshift in the sentiment for the industrial sector. "It is hard to escape the conclusion that things are cooling off," says Mr O'Leary.