Report
Annual productivity gains in the United States are four percentage points higher than in the euro zone: It is not surprising that growth is higher and inflation is lower in the United States
The gap between productivity gains in the United States and the euro zone reached 4 percentage points over the last four quarters for which productivity data is available ( the third quarter of 2022 to the third quarter of 2023). The fact that productivity gains are much higher in the United States than in the euro zone: Has led to a labour market easing in the United States and not in the euro zone; Shows that unit labour costs are rising much more slowly in the United States than in the euro zone; Therefore reduces inflation (core, and excluding rents imputed to homeowners) in the United States relative to inflation in the euro zone; Leads to higher potential growth in the United States than in the euro zone and, since the output gap remains more or less stable in both countries, leads to higher actual growth in the United States than in the euro zone.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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