The First Minister stressed it in his speech to the Labour conference and I get the impression he would be perfectly happy for the economy to dictate the terms of every interview from here until May.
This is, after all, a First Minister who by and large we have seen on international trade visits and in factories, rather than in classrooms and hospital wards.
The obvious danger is that the focus on the economy, or what he calls his "fiercely pro-business" agenda, inevitably brings him into conflict with Jeremy Corbyn.
The new UK leader of the party used an interview on Radio Wales to insist there's no great difference between the two men when it comes to the economy.
Problems will only emerge once policies begin to take shape.
For example, how would a UK Labour policy to raise corporation tax sit with Welsh government efforts to encourage big business to invest in Wales?
In the meantime, no-one is going to criticise Carwyn Jones for focusing on the economy, but his political opponents will accuse him of doing so in an attempt to mask failures in the delivery of public services.
In Plaid Cymru's weekly news briefing, the AM Simon Thomas said: "This is a deliberate tactic by Welsh Labour knowing they can wash their hands of the bad economic decisions done by the Westminster government and simply take the credit for some of the more positive things in the Welsh economy."
Everyone is still scratching their heads trying to work out what Jeremy Corbyn's rise will mean for Wales and Welsh Labour, but one comment from the former First Minister Rhodri Morgan stood out for me.
He said Jeremy Corbyn talks a lot about housing, rather than jobs, because the overriding problem in London, where he is an MP, is finding an affordable place to live rather than finding a job.
But in contrast, he said the main challenge in Wales is finding work, rather than a house, which goes some way to explain why Welsh Labour spends more time talking about the economy than the state of housing.
Mr Morgan went on to say that one of Corbyn's challenges was to understand this fact when he campaigns in elections outside of London over the next eight months.
Just one more thing to add to his enormous to-do list.
The Clinton campaign slogan read "it's the economy stupid", and it appears this will be the mantra for Welsh Labour as it approaches the assembly election.