The pace of recovery from the economic slowdown brought about by the pandemic restrictions has eased in recent weeks, according to an analysis by Davy.

In a research note, chief economist Conall Mac Coille cites real-time data, which showed economic activity recovering sharply early this month after phase 3 of the Government's re-opening plan began on June 30.

However, the latest data suggest that the pace has eased. 

"Daily personal debit and credit spending averaged €196 million in the week to July 21, down from €199 million on July 14. Apple/Mobility data on driving and workplace activity paint a similar picture of a more gradual improvement," he said.

Davy's analysis also concludes that the recovery in the labour market is ahead of earlier forecasts with the unemployment rate now standing at 15.7% - down from a peak of 28% in April.

However, what it refers to as the 'easy jobs gains' since the beginning of phase 3 were now showing signs of dissipating.

Activity in the housing market has continued to accelerate, in contrast to other sectors, the report concludes.

"The number of transactions added to the Property Price Register hit a fresh high in the week to July 22, reaching 70% of normal levels," Conall Mac Coille said. 

He cited figures from the property website MyHome which showed new listings for sale last week of 1,112, up 21% on 2019. 

Property searches from prospective homebuyers were up around 60%.