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"The economy has reached a point where it is growing healthily, with fairly full employment, and consistent wage growth – we are seeing very little evidence that there are issues needing to be addressed," he said.

“It’s impressive, phenomenal,” said Jeffrey Korzenik, chief economist at Fifth Third Bank, referring to the American economy’s exceptional run of strong output and full employment.

Economists generally consider an unemployment rate of around 4 to 5% to represent full employment.

Ireland is close to technical full employment so there is not obviously a reserve army of workers ready to dig ditches and lay blocks.

In King County it stood at 3.9%, a rate economists consider “full employment.”