Exchequer returns can be subject to distortions, especially on a monthly basis, but data for three-quarters of the year usually give a reasonable indication of where we are going fiscally and economically.

In the short-term, the data released yesterday are good news. Tax revenues are €1 billion higher than expected.

But break that €1 billion down and we see that it is mostly down to exceptional factors. Some €300 million comes from special investigations by the Revenue Commissioners. Another €348 million - stamp duties - is generated by the property market. VAT receipts also strongly exceed targets, by €351 million.

The first two sources are windfall gains. The last is more heartening. Recent consumer survey data suggested that consumers went through a bout of Hobbsian depression in the third quarter. If VAT returns for that period are anything to go by, it didn't result in a spending strike.

Overall, it can't be denied that the Government is comfortably on target. In fact, as far as capital expenditure is concerned, far from breaking spending targets, politicians are developing an unusual inability to spend money.

But the figures throw up some interesting long-term issues.

Although the increase in income tax is broadly on target when you correct for the €300 million obtained by the Revenue, employment growth has been much stronger than targeted. This implies that income tax revenues should be correspondingly higher than expected. That this is not so confirms that jobs growth is increasingly in the lower-paid sectors of our economy.

Not that extra jobs are to be sniffed at. But the observation confirms that, while our economy is growing, this is an inevitable consequence of there being more people in that economy.

Economic growth is driven by population growth but well-being, as measured by gross domestic product per capita, is not growing half as strongly.

Another resonant chord relates to corporation tax. Industrial employment is falling, output and exports are weak and corporate tax is being squeezed. So it's no surprise that the corporation tax take is weaker than expected.

If trends continue, two interesting facts will materialise by year-end - the amount of tax paid by house purchasers will amount to more than half the full-year take in corporation tax and VAT will finally overtake income tax as the largest source of government revenue.