Whatever sensitivity surrounds the use of the word recession, job losses this week and gloomy tidings from the Central Bank and ESRI seem to confirm that the economic slowdown has entered a new phase.

Not so long ago, when the economy was in full flight, all talk among hard-pressed employers desperate for staff was of the "war for talent". That seems far off now - and with thousands of jobs already lost this month, there's anything but peace in the labour market. Changed times indeed.